BORDER Timbers (BTL) says almost 93 percent of its shareholding has accepted the primary offer from Cicada Plantations Zimbabwe (CPZ).
BTL along with its subsidiary companies will be acquired by CPZ, which intends to list on the Victoria Falls Stock Exchange (VFEX) within the next 24 months of the transaction.
Cicada will acquire 100 percent of the issued share capital of Border Timbers Limited by means of a share swap at a swap ratio of 1 new Cicada ordinary share for every 1, 1079 Border ordinary shares held.
“…notice is hereby given of the opening of the Secondary Offer to the shareholders of the Company who have not accepted the Primary Offer in terms of Section 237 of the COBE Act. The Secondary Offer will open on Friday, 29 September 2023 and will close on Tuesday, 31 October 2023, and will be based on the same terms and conditions as the Primary Offer,” BTL said in a note.