Prime Minister Nahas Angula and ministerial colleagues were on hand today (Monday, October 26) to ‘ring in’ Bidvest Namibia as a new entrant to the Namibia Stock Exchange (NSX).
The listing raised N$313,6 million as Namibians and Namibian institutions snapped up the 50,7 million shares on offer. The share (BVN) was initially listed at 720 cents.
Prime Minister Angula praised Bidvest for contributing to the economic development of the nation by raising capital for reinvestment in Namibia and the pursuit of local expansion opportunities.
He also saluted the Group for ensuring that black economic empowerment and broad-based Namibian participation in the company’s ownership-base had been built into the listing process.
Bidvest chief executive Brian Joffe thanked the Prime Minister and the ministerial party for their support of the event and added: “At Bidvest, we are proud to give birth to our new ‘baby’, Bidvest Namibia. It’s a healthy infant looking forward to strong growth. Our goal for our offspring is sustained development into one of Namibia’s strongest and most successful companies.”
NSX chairman Primus Hango welcomed Bidvest Namibia to the exchange and noted ‘we’re all Proudly Bidvest now’ – a reference to the unifying slogan of the internationally represented diversified services group.
Mr Hango added that 675 individual investors had taken a stake in the newly listed company, indicating unprecedented interest while ensuring a broad spread of shareholders.
From day one, Bidvest Namibia is the second largest company on the NSX by market capitalisation with the third largest free float of shares (32,4%).
The listing’s national significance was also under the spotlight later in the day at a gala listings dinner in Windhoek addressed by President Hifikepunye Pohamba and attended by prominent political and business figures.
Shareholders of Bidvest Namibia are referred to the circular to Bidvest Namibia Shareholders containing details of a conditional take-over by the Bidvest Group to Bidvest Namibia Shareholders, to acquire all remaining Bidvest shares not owned by the Bidvest Group by way of a take-over scheme (‘offer’). Subsequent to the acceptance of the Delisting Resolution by the requisite majority, the offer has been declared unconditional by the Bidvest Group and has become effective, irrevocable an open for acceptance during the Acceptance Period.
Further to the cautionary announcement released on the Stock Exchange News Service (“NENS”) of the Namibian Stock Exchange (“NSX”) on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcements released on NENS on 11 April 2019 and 25 April 2019. Shareholders are hereby advised that the requisite majority of Bidvest Namibia shareholders eligible to vote, have approved the delisting. In terms of this passed resolution, the listing of all the Bidvest Namibia Shares of
Bidvest Namibia on the Main Board of the NSX be suspended and terminated with effect from 11 June 2019 or at such times and such dates as will be approved in accordance with the Bank of Namibia and by the NSX
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 25 April 2019 relating to the circular to shareholders, supplementary information relating to the sum of the parts valuation, culminating in the fair and reasonable valuation range of N$8.95 to N$9.45 as per the E&Y Fair and Reasonable opinion included in the circular, is available on the this website.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcement released on NENS on 11 April 2019. A combined circular has been issued today by Bidvest Namibia Limited and the Bidvest Group to a conditional Take-over offer in terms of sections 320 – 327 of the Companies Act….