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Equity One to de-list from CSE

2 December 2015 03:26 am - 0     - {{hitsCtrl.values.hits}}

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Property development entity, Equity One PLC (EQUIT) awaits nod from the regulators and its shareholders to de-list from the Colombo Stock Exchange (CSE) as it is not in compliance with the Minimum Public Float regulations imposed by the Securities and Exchange Commission (SEC).

Holding a current public float of 3.72 percent (as at 31 September 2015), EQUIT is well below the specified requirement of the regulator.

EQUIT said it has made arrangements with its majority shareholder Carson Cumberbatch for the purchase of shares from its minority shareholders who may wish to divest and sell at the offer price of Rs. 77. 50 per share, devised based on the valuation specifically obtained for the de-listing exercise. 

The offer price is at a 62 percent premium to the Volume Weighted Average Price for the approximate four months period from 1 July 2015 to 28 October 2015.

The SEC has directed all companies listed at the main board of the CSE to either have a minimum public float of 20 percent in the hands of 750 public shareholders, or have a market capitalization of Rs. 5 billion of its public holding in the hands of a minimum number of 500 public shareholders holding 10 percent of its ordinary voting shares by 31 December 2016.

While the Board of Directors of the company have established there will be no plans of the entity expanding in the short to medium term, it is expressed any further capital infusion via a public offering of shares is not required.

Carson Cumberbatch, which holds 96.27 percent stake has also established it has no intention of diluting its shareholding in the company by divesting any parts of it stake in EQUIT in the near future. 

Having taken into account all avenues, EQUIT’s board is of the view the ideal solution to resolve the minimum public float compliance would be to de-list the company.
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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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