CEC | Extension of offer period
INTRODUCTION
Shareholders of CEC are referred to the announcement dated Monday, 16th April 2018 (the “Announcement”) in which the Company gave an update on the conditions of the offer from Zambian Transmission LLP (the “Offeror”) to purchase all of the ordinary shares in the share capital of CEC (the “Offer”).
FURTHER UPDATE ON CONDITIONS OF THE OFFER
Further to the Announcement, the consent of ZESCO Limited (“ZESCO”), pursuant to Clause 28(b)(ii)(c) of the Bulk Supply Agreement (the “BSA”), to any change of control (as defined in the BSA) of CEC resulting from the Offer and the waiver by ZESCO of its right to terminate the BSA as a result of such change of control, on terms and in a form satisfactory to the Offeror has been obtained and is accordingly satisfied.
EXTENSION OF THE OFFER
In accordance with Rule 39 of Schedule 3 of the Securities (Takeover and Merger) Rules, the Offeror wishes to announce that the Offer Period has been extended for a period of 28 days in order to allow time for the following condition to be satisfied, namely:
(a) the execution by CEC and ZESCO of an unconditional and irrevocable amendment to the BSA which provides for the extension of the term of the BSA for an additional period of 20 years on commercial terms which are no less advantageous to CEC than the existing terms of the BSA in a form and on terms satisfactory to the Offeror.
In view of the foregoing, the Closing Date of Offer has been extended to close at 17:00hrs on Friday, 18th May 2018.
TERMS OF THE OFFER
Other than the revision of the timelines as set out in this announcement, all other terms of the Offer as contained in the Offer Circular remain unchanged.
REVISED SALIENT DATES AND TIMES RELATING TO THE OFFER
Having regard to the extension, the revised important dates relating to the Offer (“Timetable”) are set out below. Words and expressions in the Timetable shall have the same meaning as assigned to them in the Offer Circular.
| Event | Date |
| Opening Date of the Offer | 20 February 2018 |
| Offer Closing at 17:00hrs and Record Date on | 18 May 2018 |
| Suspension of trading in CEC Shares on LuSE | 18 May 2018 |
| Last day for receiving postal acceptances | 18 May 2018 |
| Lifting of Suspension of Trading, Placing of Sale Order and Trade Date | 5 June 2018 |
| Settlement Date | 8 June 2018 |
By order of the Board
Julia C Z Chaila (Mrs)
Company Secretary
Issued in Lusaka, Zambia on Friday, 20th April 2018
| Lusaka Securities Exchange Sponsoring Broker | |
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T: +260-211-232456
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 Friday, 20th April 2018
