ADC African Development Corporation AG / Key word(s): Squeeze Out
17.12.2014 14:37
Dissemination of a Corporate News, transmitted by DGAP - a service of EQS
Group AG.
The issuer / publisher is solely responsible for the content of this
announcement.
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On 8 September 2014, ADC African Development Corporation AG (ADC) had
announced that it had received a formal squeeze-out request by Atlas Mara
Beteiligungs AG (Atlas Mara). Atlas Mara now fixed the cash compensation to
be paid to the minority shareholders pursuant to sec. 327a German Stock
Corporation Act (AktG) to be EUR 9.36 per ADC share held by minority
shareholders.
Atlas Mara has commissioned an expert opinion on the value of ADC. The
opinion has been prepared by PricewaterhouseCoopers Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft (PwC) in the course of the envisaged
squeeze-out at ADC. It has arrived at an enterprise value for ADC of EUR
88.6 million. This is equivalent to EUR 9.36 per ordinary share of ADC.
The value of the option rights issued by ADC in regards to the bond with
warrants 2012/2015 has been determined by PwC to be EUR 0.01 and the cash
compensation for option rights was fixed by Atlas Mara accordingly. The
bonds itself remain outstanding.
The extraordinary general meeting of ADC to resolve upon the squeeze-out is
scheduled for 29 January 2015.
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloom-berg: AZC.GR; www.african-development.com) is a German open market
(Entry Standard) listed holding company with investments in sub-Saharan
Africa. ADC has a strong footprint in Southern Africa via BancABC, a
regional commercial banking group operating in Botswana, Mozambique,
Tanzania, Zambia and Zimbabwe as well as in West Africa via Union Bank of
Nigeria. Parallel to its banking operations, ADC has a private equity
portfolio active in growth markets across sub-Saharan Africa. ADC is
indirectly majority-owned by Atlas Mara Co-Nvest Limited which is listed on
the main market of the London Stock Exchange. For more information, visit
Atlas Mara Co-Nvest Limited's website at www.atlasmara.com.
About Atlas Mara
Atlas Mara Beteiligungs AG is an indirect and fully owned subsidiary of
Atlas Mara Co-Nvest Limited. Atlas Mara Co-Nvest Limited was formed by Bob
Diamond, Founder of Atlas Merchant Capital LLC and Ashish J. Thakkar,
Founder of Mara Group Holdings Limited, and listed on the main market of
the London Stock Exchange in December 2013. Atlas Mara Co-Nvest Limited's
strategy is to create sub-Saharan Africa's premier financial institution
through a combination of its experience, expertise and access to capital,
liquidity and funding and to support economic growth and strengthen
financial systems in Africa. For more information, visit the Company's
website at www.atlasmara.com.
Contact:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
17.12.2014 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ADC African Development Corporation AG
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 119
Fax: +49 69 719 12 80 115
E-mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market
(Entry Standard)
End of Announcement DGAP News-Service
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DGAP-News: Atlas Mara specifies squeeze-out price for ADC
| Source: EQS Group AG