Aitken Spence Plantation Managements announces delisting

Aitken Spence Plantation Managements PLC board of directors has decided to delist the company’s shares from the official list of the Colombo Stock Exchange (CSE).

The delisting is subject to obtaining the shareholder and regulatory approvals.

In a filing to the CSE, the company stated that the board has made arrangements with the three major shareholders of the company: Aitken Spence PLC, MJF Holdings (Private) Ltd and D.A. de S. Wickramanayake, to acquire the minority shareholders’ shares, at Rs.240 per share.

“… the major shareholders have indicated the willingness to acquire the shares of the minority shareholders of the company who may wish to dives/sell their shares at a price of Rs.240 per share, through an exit offer to be made to such shareholders, in order to facilitate the proposed delisting of the shares of the company from the official list of the CSE,” the filing stated. 

It further revealed that the total shares the minority shareholders wish to sell under the exit offer would be purchased by the major shareholders “in proportion to their respective shareholding percentage vis-a-vis each other by adopting a suitable and practical modality agreed upon with the company, so that the major shareholders will maintain their respective shareholding percentages in the company post delisting”.

A circular to the shareholders detailing the rationale of the proposed delisting and the notice of the Extraordinary General Meeting to be convened to seek the shareholder approval, in relation to the delisting of shares, are to be dispatched shortly.

Among Aitken Spence Plantation Managements PLC group companies are Elpitiya Plantations PLC and EPP Hydro Power Company Ltd.

The board of directors is to take the necessary steps in accordance with the Rules of Securities and Exchange Commission of Sri Lanka, published in Gazette Extraordinary No 1215/2, dated December 18, 2001, in relation to the delisting of shares from the official list of the CSE.