California Software - Post Offer Status
Religare Securities Ltd (”Manager to the Offer”) on behalf of Kemoil Ltd (”Acquirer”) and Chemoil Energy Ltd (”PAC”) has issued this Post Offer Public Announcement to the shareholders of California Software Company Ltd (”Target Company”), which is in continuation of & should be read in conjunction with the Public Announcement (”PA”) dated August 21, 2007, Corrigendum to PA and Letter of Offer Dated May 02, 2008, to the Shareholders of the Target Company.
Details of Acquisition:
| Sr. No. | Item | Proposed in the Letter of Offer | Actuals | ||
| 1 | Offer Price | Rs 100/- per fully paid up equity Share | Rs 100/- per fully paid up equity share | ||
| 2. | Share holding of the Acquirer (No. & %) before SPA/PA | 26,48,963 (28.67%) | 26,48,963 (28.67%) | ||
| 3. | Shares being acquired by way of SPA (No & %) | 32,50,000 (26.28% of expanded capital) | 32,50,000 (26.28% of expanded capital) | ||
| 4. | Shares acquired in the open offer (No & %) | 24,73,002 (20%) | 22,67,245 (18.34%) | ||
| 5. | Size of the open offer (No. of shares multiplied by offer price per share) | Rs. 24,73,00,200/- | Rs. 22,67,24,500/- | ||
| 6. | Shares acquired after PA but before 7 working days prior to closure date, if any (No. & %) | Nil | Nil | ||
| - Price of the shares acquired | NA | NA | |||
| - No of shares acquired | NA | NA | |||
| - % of shares acquired | NA | NA | |||
| 7 | Post offer share holding of acquirer (No & %) (2+3+4+6) | 83,71,965 (67.71%) | 81,66,208 (66.04%) | ||
| 8. | Pre & Post offer Shareholding of Public (No & %) | Pre Offer | Post Offer | Pre Offer | Post Offer |
| 59,00,247 (63.86%) | 39,93,041 (32.29%) | 59,00,247 (63.86%) | 41.98,798 (33.96%) | ||
| 9 | Status of the escrow account whether released or not |
The Acquirer has established a Bank Guarantee in favor of the Manager to the Offer for Rs 6,19,00,000/- being more than 25% of the total consideration payable under the offer valid until June 30, 2008 and cash deposit of Rs 25,78,715/- being not less than 1% of the maximum consideration payable under the offer. The funds lying the escrow account will be released shortly to the Acquirer |
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| 10 | Payment of interest, if any, to the shareholders alongwith the details thereof | NA | |||
| 11 | Status of Investor complaints received, if any. |
All the shareholder’s queries regarding the Offer have been replied to and there are no pending complaints regarding the Offer as on date |
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All the capitalized terms not defined herein, shall have the same meaning as ascribed to them in the Letter of Offer
Tags: California Software