Equity One to de-list from CSE

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

A A A

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.

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

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Equity One to de-list from CSE

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Ranil Wickremesinghe caravan moves on despite barking dogs

Two racing drivers arrested over Fox Hill tragedy

Former MP Palitha Thewarapperuma dies from electrocution

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Sri Lankan among NASA’s new crew for next simulated Mars journey

Street food vendor arrested for verbally harassing foreigner

MIRROR CRICKET

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

Mendis, Mathews move up in ICC Test Rankings

TODAY'S HEADLINES

25 tons of solid waste disposed along Sri Pada route

Temperature rises to ‘Caution’ level

Katunayake-Colombo Expressway closed from 2pm to 3pm today

Tight security for Iranian President’s visit to Sri Lanka

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident

Indian cricket manager indicted for Legend Cricket League match-fixing allegations