Vertex Securities - Post Offer Satus
Fedex Securities Ltd (”Manager to the Offer”) on behalf of Transwarranty Finance Ltd & Shri Kumar Nair (”Acquirers”), has issued this Post Offer Public Announcement to the Shareholders of Vertex Securities Ltd (”Target Company”), which is in continuation of & should be read in conjunction with the Public Announcement (”PA”) dated November 05, 2007 & Corrigendum to PA on June 12, 2008, in compliance with SEBI (Substantial Acquisition of shares and Takeover Regulations) 1997 and subsequent amendments thereto.
Details of Acquisition:
| Sr. No. | Details of Acquisition | Proposed in Letter of Offer | Actuals | ||
| 1. | Offer Price Fully paid up Partly Paid Up |
Rs 31/- No partly paid Shares |
Rs 31/- |
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| 2. | Shareholding of Acquirers prior to Public Announcement (PA) | 0 (0.00%) | 0 (0.00%) | ||
| 3. | Shares acquired after PA | 0 (0.00%) | 0 (0.00%) | ||
| 4. | Shares acquired through Share Purchase Agreement | 28,50,343 (55.05%) | 28,50,343(55.05%) | ||
| 5. | Shares acquired in the Open Offer | 10,35,601 (20.00%) | 8,18,355 (15.80%) | ||
| 6. | Size of Open Offer (No of Shares x Offer price) |
Rs 3,21,03,631/- |
Rs 2,53,69,005/- |
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| 7. | Shares if any acquired after PA but 7 working days prior to closure of Offer Price of the Shares acquired No of Shares acquired % of Shares acquired |
Nil
NA |
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| 8. | Post offer Shareholding of Acquirer (There are no PACs) |
38,85,944 (75.05%) |
36,68,698 (70.85%) |
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| 9. | Pre & Post offer Shareholding of Public |
Pre Offer |
Post Offer @ |
Pre Offer |
Post Offer @ |
| Fully paid shares | 21,27,658 (41.09%) | 12,92,057 (24.95%) | 21,27,658 (41.09%) | 15,09,303 (29.15%) | |
| 10. | Date of despatch of consideration and delay if any | Wednesday July 16, 2008. No delay in despatch. No interest is due & payable on account of delay in dispatch | |||
| 11. | Position of Escrow Account |
The amount held in Escrow Account, to the extent of Rs 90.00 Lacs (i.e. 90% of Escrow Deposit) transferred to Special Account on July 12, 2008. A further sum of Rs 165.00 Lacs remitted on July 14, 2008 in the Special Account towards payment of consideration. A sum of Rs 10.00 Lacs, being 10% of the Escrow Deposit along with interest accrued on the Escrow Deposit held in a new Account with lien in favour of Merchant Banker, which will be released shortly. |
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| 12. | Status of investor complaints |
No complaint from any Shareholders of Target Company till date of this announcement. |
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@ Including residual holding of erstwhile promoters, which has been clubbed with Public holding, Post Offer.
Tags: Vertex Securities