R.E.A. Trading Limited has received acceptances from shareholders of REA Vipingo Plantations Limited that take its ownership of the sisal grower’s issued share capital to 94.62 per cent.
This is according to final results of the offer, which closed on May 27, 2015, which have been approved by the Capital Markets Authority. R.E.A Trading had made an offer to acquire shares in REA Vipingo Plantations Limited that it did not already own.
Richard Robinow, R.E.A. Trading’s chairman said: “We are delighted with outcome of the offer process. This allows us to move forward with our plans for the future, which involve diversification of the REA Vipingo Plantations business in addition to large-scale sisal growing. Amongst other things, we intend to look at the utilisation of biomass for energy generation”.
Following successful conclusion of the offer, cash payments to shareholders who accepted the offer, comprising an aggregate of KES 85 per share (KES 70 per share plus the KES 15 Cash Top-Up for each share that REA Trading has elected to pay) will be effected as from July 1, 2015.
R.E.A. Trading has been a long-term investor in REA Vipingo Plantations and has a proven track record in managing plantations. The next step in the transaction will be the de-listing of the company from the Nairobi Securities Exchange.