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Daily Nation : February 20th 2014
28 | Africa News DAILY NATION Thursday February 20, 2014 BORDERS | The launch of national identity cards likely Proposed Cash Offer by Vania Investment Pool Limited to acquire all the ordinary shares in REA Vipingo Plantations Limited (the “Proposed Offer”) Capital Markets (Take-Overs and Mergers) Regulations, 2002 (“Take-Over Regulations”) REA Vipingo Plantations Limited hereby gives notice pursuant to regulation 6(1) of the TakeOver Regulations that it received on 14th February 2014 the Offeror’s Statement in respect of the Proposed Offer. In accordance with that regulation, this notice sets out all the material information contained in the Offeror’s Statement. 1. Directors The Directors of Vania Investment Pool Limited (“VIP”) are: (a) Mr. Dilesh Somchand Bid and (b) Mr. Bimal Sobhagchand Shah, c/o of: 7th Floor, Kenindia House, Loita Street, P.O. Box 40127, 00100, Nairobi, Kenya, Mobile: +254 733333540/ 722866450, Tel: +254 20 2629009/ 2623321, Fax: +254 20 2469395; Administrator@btbins.co.ke. 2. Principal Activities VIP is the investment company for the proposed acquisition. A diverse group of seasoned investors, farmers and businessmen (collectively referred to as “Sophisticated Investors”) are expected to join the present shareholders as shareholders of VIP. The Sophisticated Investors have extensive experience (either directly or through family companies) in large-scale sisal and coffee farming as well as in fruit and coffee farming, and are engaged in a wide range of business sectors including insurance brokerage, farming, private equity, land development, agency stock-broking, portfolio management, wealth management, large scale manufacturing industries and real estate. 3. Shareholders The initial shareholders of VIP are: Mr. Rahul Dilesh Bid, Mr. Kunal Kamlesh Bid and WWW.Bid Investment Company Limited. They each own 1 ordinary share of par value Kshs 100/- each. The number of issued shares is expected to increase in order to accommodate the Sophisticated Investors above. 4. Subsidiaries VIP has no subsidiaries. 5. Financial Statement VIP, incorporated on 18 November 2013, has no audited financial statements. The Sophisticated Investors have provided deposits. VIP’s unaudited pro-forma First Statement of Financial Position will consist of issued and fully paid up ordinary share capital of Kshs 300/- and Kshs 8 million in cash as deposits. 6. Shares Held in RVP VIP is not a shareholder in RVP. VIP is acting in concert with Kenyalogy.com Limited, which is already the beneficial and registered owner of 836,900 ordinary shares of RVP. 7. Offer Price The Proposed Offer price will be Kshs. 55.00 for each ordinary share of RVP which values the entire issued share capital of RVP at Kshs. 3.3 billion and represents premia, as of 11th November 2013 (the value date from the R.E.A. Trading Limited take-over bid for comparison purposes), of: a) 96.4% to the closing price of Kshs. 28.00 per ordinary share; b) 102.8% to Kshs. 27.12, being the 30-day volume-weighted average price per ordinary share; c) 102.5% to Kshs. 27.16, being the 90-day volume-weighted average price per ordinary share; d) 117.4% to Kshs. 25.29, being the 250-day volume-weighted average price per ordinary share; e) 37.5% to the price offered by R.E.A. Trading Limited of Kshs. 40.00 per ordinary share; f) 10% to the price offered by Centum Investment Company Limited of Kshs. 50.00 per ordinary share. 8. Arrangements The consideration for the acquisition of the shares under the Proposed Offer is to be satisfied in whole in cash from the Sophisticated Investors. Borrowing is not expected. To achieve the cash objective, the Board of Directors of VIP have already received participation commitment forms signed by each Sophisticated Investor totaling to Kshs 3.3 billion, being the full amount of the consideration for the Proposed Offer. A capital call (via cash or commercial bank undertaking/ guarantee) has been made on the Sophisticated Investors. The intention of the Board of Directors of VIP is to have full financial capability by the time the take-over offer document is circulated to shareholders of RVP, so as to ensure every shareholder who accepts the Proposed Offer will be paid in full, provided the Proposed Offer is successful. 9. Material Change To the best of the knowledge of VIP, there has not been any material change in the financial position or prospects of RVP since the latest balance sheet date laid before the Offeree’s general meeting. 10. Miscellaneous VIP does not propose, in connection with the Proposed Offer to make payment or any other benefit to any director of the Offeree or of any company which is a related company to the Offeree as a consideration for, or in connection with, his retirement from office. VIP has not entered into any agreement or arrangement with any of the directors of the Offeree in connection with or conditional upon the outcome of the Proposed Offer. VIP has not entered into an agreement or arrangement by which shares acquired by it in pursuance of the Proposed Offer will or may be transferred to any other person. By Order of the Board Company Secretary Date: 17th February 2014 Disclaimer: This announcement is for informational purposes only. This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Take-Over Regulations. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement. Museveni to host EAC infrastructure talks Leaders set for steps that could lead to region’s federation in economic areas BY DANIEL KALINAKI email@example.com P resident Yoweri Museveni has invited Tanzania and Burundi to a key re- gional integration summit in Kampala on Thursday to join President Paul Kagame of Rwanda and President Uhuru Kenyatta of Kenya. President Pierre Nkurun- ziza of Burundi missed the last summit in Kigali while President Jakaya Kikwete was not invited, raising criticism that the so-called Coalition of the Willing (CoW) was driving a wedge between the East African Community member states. A senior Ugandan foreign affairs ministry official said the invitation extended to President Kikwete was a sign that the initiative “is undertaken in good faith to deepen, rather than weaken, regional integration” in the EAC. Ms Premi Kibanga, a spokes- person for President Kikwete, said on Wednesday that the Tanzanian leader, who is preparing for a major constitutional summit in Dodoma next week, would send his deputy, Dr Mohammed Gharib Bilal, to represent him in Kampala. Ugandan foreign affairs ministry officials said they expected President Nkurunziza to attend or send representation. President Kenyatta and President Kagame had earlier confirmed their participation at the summit where they are expected to launch an East African single tourist visa, part of a slew of reforms aimed at integrating the region’s economies. Tanzania and Burundi are yet to sign on to the initiative, which will allow tourists to use one visa to travel across SUMMIT Political unity on the agenda Integration: The Kampala Summit is also expected to discuss political federation and security cooperation. Closer ties: The heads of state expected to sign a pact that forges closer military cooperation among participating countries. the three participating EAC member states. The heads of state are also expected to formally launch the use of national identity cards as border-crossing documents, which started in January. The fourth Northern Corridor Integration Projects Summit, which follows earlier meetings in Kampala, Mombasa and Kigali, is also expected to hear updates on plans to jointly develop an oil refinery PHOTO | FILE Ugandan President Yoweri Museveni (right) with his South Sudan counterpart Salva Kiir during a meeting in Juba. in western Uganda, a crude-oil export pipeline, and a standard gauge railway line from Mombasa to Kigali with a spur to Juba, South Sudan. President Salva Kiir of South Sudan, which has applied to join the EAC, was also invited to the summit after attending the last one in Kigali. Juba was earlier scheduled to host this summit but fighting in South Sudan that has been raging since December 15 forced a change of plans and has also put Mr Kiir’s attendance in the balance. Uganda, Kenya and Rwanda launched Single Customs Territory during the last summit. Liberian health workers stage go-slow BY TERRENCE SESAY NATION Correspondent MONROVIA, Wednesday Health workers across the country have staged a go-slow in demand of salary increment and improved working conditions and incentives. The National Health Workers Association of Liberia (NAHWAL) in a position statement issued about two weeks ago, called on health authorities to restore the $55 illegally deducted from some health workers’ salaries in 2010, a $100 increment of the salaries of all health workers. They are also demanding the resignation Health Minister Dr Walter Gwenigale, Deputy Health Minister Dr Bernice Dahn and Deputy Health Minister for Social Services Vivian Cherue for what they called their insensitivity to their plight. The strike action which started at the week- end is said to be taking a toll on the sick across the country. According to the Liberia News Agency Gbar- polu County correspondent, dozens of patients who had gone to the Jallah Lone Hospital in Bopolu City in western GBarpolu County were Sunday asked to leave. According to reports, government-run hospital s in the capital Monrovia and other parts of the country are abandoned. Nurses, physician assistants and other health personnel, apart from medical doctors are nowhere to be seen in hospitals. Only medical doctors who are not part of the strike action are seen in hospitals.
February 19th 2014
February 21st 2014