Namsov Fishing Enterprises, a subsidiary of Bidvest Fisheries Holdings, has signed a purchase agreement acquiring a vessel from Industrial Fishery and Shipping “Captain” Company Limited. The vessel has been acquired as part of a planned fleet renewal programme designed to upgrade the Namsov fleet profile to more modern vessels, with larger processing and storage capacities, which are expected to enhance efficiencies and productivity.
The MFV Otaman Kalnyshevsky is an all steel, hulled Moonzund vessel, built in 1990 in Germany, registered in Illichivsk, Ukraine.
The purchase is effective 30 October 2009 and all conditions precedent have been fulfilled.
The MFV Otaman Kalnyshevsky was acquired for a total consideration of N$208.8m. The consideration has been settled through N$130m financing arranged by Namsov, through banking institutions in Namibia, with the balance being settled through Namsov’s own cash resources.
The shareholders of Bidvest Namibia are informed that on 10 April 2019, Bidvest Namibia received a Binding Conditional Offer (“”Offer”) from Bidvest Group, the majority shareholder of Bidvest Namibia, to acquire all of the shares held by the minority shareholders in Bidvest Namibia (“Bidvest Namibia Shareholders”) at 10.50 per share, which Offer will be subject to inter alia the successful passing of the De-listing Resolution as set out in the conditions, together with the take-over statement and Offer amounts to a takeover scheme.
Shareholders of Bidvest Namibia are informed that Bidvest Namibia has received a intended binding offer from Bidvest Group, the majority shareholder of Bidvest Namibia, in terms of which Bidvest Group intends to make an offer to acquire all of the outstanding ordinary shares in Bidvest Namibia not currently held by Bidvest Group, by way of a take-over scheme. The amount offered in terms of the Intended Conditional Offer is a cash only consideration of N$10.50 per Offer Share, subject to the successful passing of the De-listing Resolution as set out in paragraph 2 below.
Investors are referred to the NENS announcement released on August 31, 2018 relating to the finalization announcement of the sale by Bidvest Namibia of the entire issued capital of Bidvest Fisheries Holdings to Tuncar Fisheries. The results of Bidfish have been presented as discontinued.
Further to the cautionary announcement dated December 12, 2018, shareholders are advised that the Company has entered into discussions, which if successfully concluded, may have a
material effect on the price of the Company´s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in Bidvest Namibia´s securities until a final announcement is made.