Pruta Securities (Jersey) Limited made an offer to acquire additional unknown stake in Accéntuate Limited (JSE:ACE) on October 12, 2020. The shares will be acquired at an offer price of ZAR 0.1 per share such that Pruta Securities ultimately obtains outright control or at least a 51% holding in Accéntuate. Pruta subscribed for 41.8 million ordinary shares in ACE and now hold 53.81 million ordinary shares in ACE or 29.7% of the issued share capital of ACE. The Independent Board will propose a scheme of arrangement in terms of section 114 of the Act in order to de-list the Company from the JSE. As required in terms of the Companies Act and Companies Regulations, ACE has constituted an independent board comprising Ralph Bruce Patmore, Pieter Slabbert Kriel and Andile Mjamekwana, all of whom are independent non-executive directors of Accentuate. The transaction is subject to approval of shareholders of Accéntuate, the approval of the JSE, the TRP, the Competition Commission and other relevant authorities (if any) of the transaction and all the documents associated with implementing the transaction. As on October 26, 2020, shareholders of Accéntuate approved the transaction. The Scheme offer notice date shall be November 6, 2020. The consideration will be settled in cash within 5 days of the passing of the Scheme. As of November 25, 2020, Takeover Regulation Panel (TRP) has granted an extension for posting circular by November 30, 2020. As on December 28, 2020, all the resolutions were approved by the requisite majority of Shareholders of Accéntuate Limited and the Condition, relating to receipt of the TRP’s compliance certificate, remains subject to fulfilment. As on January 8, 2021, the Scheme has become unconditional and will be implemented on January 25, 2021, being the Scheme Implementation Date. The Delisting of the Accentuate Shares from the AltX of the securities exchange operated by the JSE will be implemented on Tuesday, January 26, 2021. Merchantec Capital acted as independent expert for independent board of Accéntuate. Fullard Mayer Morrison Inc. acted as legal advisor for Accéntuate and Bridge Capital Advisors Proprietary Limited acted as financial advisors for Accéntuate.