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Metrofile - joint firm intention announcement
Metrofile Holdings Ltd. ("MFL") has announced a firm intention by Main Street 2093 (RF) (Pty) Ltd. ("Offeror") to acquire all issued ordinary shares in the company, excluding treasury shares, through a scheme of arrangement. The Offeror, a wholly owned subsidiary of Mango Holding Corp. ("HoldCo"), has entered into an implementation agreement with Metrofile, offering ZAR3.25 per share, with potential for an increase. Shareholders supporting the offer have irrevocably committed to vote in favour, representing 52.81% of shares. The acquisition aims to accelerate Metrofile’s digital transformation, expand access to new markets, and create a regional platform in Africa and the Middle East for information management and digital services. The scheme is subject to various conditions, including shareholder approval, regulatory consents, and the issuance of a compliance certificate by the Takeover Regulation Panel. Upon successful implementation, the company will be delisted from the JSE. The announcement includes details about the Offeror’s structure, the bank guarantee of ZAR1.37 billion to cover the maximum consideration, and the appointment of an independent expert to assess the offer’s fairness. The cautionary announcement is withdrawn, and further details will be provided in a circular to shareholders.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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