This Announcement is issued further to the earlier Announcement by the Company of 20th April 2018 in relation to the offer from Zambian Transmission LLP (the “Offeror”) to purchase all of the ordinary shares in the capital of CEC (the “Offer”). The full terms of, and conditions to, the Offer were set out in the offer document dated 20th February 2018 (the “Offer Document”). Defined terms used but not defined in this Announcement have the same meanings as those set out in the Offer Document. The Offeror has now advised that the outstanding condition to the Offer had not been satisfied or waived as at 17:00 hours on 18th May 2018, being the closing date of the Offer as extended with the consent of the Securities and Exchange Commission (“SEC”).
FURTHER EXTENSION OF THE OFFER PERIOD
The Offeror has formally advised the Board of Directors of the Company that the SEC has authorised the extension of the Offer Period which was due to expire at 17:00 hours on 18th May 2018 for a further period of 60 days commencing on 19th May 2018. As a result, the Offer will now expire on 17th July 2018.
The extension has been granted in line with the terms of the Offer.
TERMS OF THE OFFER
Consequent to the foregoing, other than the revision of the timelines as set out in this announcement, all other terms of the Offer as contained in the Offer Document remain unchanged.
REVISED SALIENT DATES AND TIMES RELATING TO THE OFFER
Having regard to the extension, the revised important dates relating to the Offer are set out in the table below.
|Opening Date of the Offer||20 February 2018|
|Offer Closing Date and Record Date||17 July 2018|
|Suspension of trading in CEC Shares on LuSE||17 July 2018|
|Last day for receiving postal acceptances||17 July 2018|
|Lifting of Suspension of Trading, Placing of Sale Order and Trade Date||5 August 2018|
|Settlement Date||8 August 2018|
Issued in Lusaka, Zambia on 21st May 2018
|Lusaka Securities Exchange Sponsoring Broker|
Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia
First Issued on 21st May 2018