THIS CIRCULAR IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
The definitions and interpretations commencing on page 4 of this Circular apply mutatis mutandis throughout this document including this cover page.
Action required:
If you have disposed of all of your Shares, this Circular should be forwarded to the purchaser to whom, or the agent or broker through whom, you disposed of your Shares.
If you are in any doubt as to the action that you should take, please consult your agent, broker, banker, legal advisor, accountant or other professional advisor immediately.
This Circular does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of, issue or purchase any security in any jurisdiction. Any transaction contemplated by this Circular is conditional upon the passing of the applicable special resolutions.
Afinitas and the Directors, and any of their respective affiliates or associates, do not accept responsibility and will not be held liable for any act of, or omission by, any broker, including, without limitation, any failure on the part of the broker or any registered holder of Shares to notify the holder of any beneficial interest in those Shares or any other matter set out in this Circular.
Afinitas Limited
(Incorporated in the Republic of Botswana) (Registration number BW00001543844)
("Afinitas" or the "Company")
CIRCULAR TO AFINITAS SHAREHOLDERS
Relating to:
• the termination of the listing of the Shares from the Venture Capital Board of the BSE; and
• an exit opportunity for Shareholders and including
• a fair and reasonable report prepared by the Independent Expert in terms of the BSE Listing
Requirements and attaching
• a notice convening a General Meeting of Shareholders
• a Form of Proxy in respect of the General Meeting for use by Shareholders
Date of issue: 12 February 2021
This Circular is available in English only. Copies of this Circular may be obtained from the registered office of Afinitas and the Transfer Secretaries whose addresses are set out in the "Corporate Information and Advisors" section of this Circular. This Circular will also be available in electronic form from the date of issue of this Circular on Afinitas' website athttps://afinitas.co and the BSE's websitehttps://www.bse.co.bw/AFIN/
BSE DISCLAIMER
The BSE's approval of this Circular should not be taken as any indication as to the merits of the Delisting. The BSE has not verified the accuracy and truth of the contents of the documentation submitted to it and the BSE accepts no liability of whatever nature for any loss, liability, damage or expense resulting directly or indirectly from the Delisting.
SALIENT DATES AND TIMES | |
Circular, including notice of a General Meeting, to be distributed on X-News and | |
posted to Shareholders | 12 February 2021 |
General Meeting - to be held virtually at 10.00am | 05 March 2021 |
Results of the General Meeting published | 09 March 2021 |
Record Date and distribution of application forms for participation in the Exit | |
Opportunity | 12 March 2021 |
Opening of Exit Opportunity | 15 March 2021 |
Closing of Exit Opportunity | 16 April 2021 |
Latest date for settlement of the Cash Consideration pursuant to participation in | |
the Exit Opportunity | 21 April 2021 |
Posting of new share certificates in respect of Shares following the Termination
of listing of Shares on the BSE and closure of the Exit Opportunity Expected date of Termination of listing of Shares on the BSE, on or about
21 April 2021 21 April 2021
Notes
All times within this notice are Botswana times. All or any of the above important dates and times are subject to change as may be required. Any material changes made will be communicated by the Company to Shareholders through X-News
CORPORATE INFORMATION AND ADVISORS
Directors | |
Lesang Magang (Independent Chairman) Lipalesa Gwyenneth Makepe (Independent) Leutlwetse M Tumelo (Executive) Rupert James McCammon (Executive) | |
Company Secretary | Place and date of incorporation |
Desert Secretarial Services (Pty) Ltd Deloitte House, Plot 64518 Fairgrounds Office Park, Gaborone, Botswana P O Box 133 AEH, Gaborone, Botswana | Incorporated in the Republic of Botswana Registration number BW00001543844 Incorporated on 04 May 2014 |
Independent Expert | Auditors |
BDO Wealth (Pty) Ltd BDO House, 28 Kgale Mews, Gaborone International Finance Park, Gaborone, Botswana P O Box 1839, Gaborone, Botswana | Grant Thornton Acumen Park, Plot 50370, Fairgrounds, Gaborone, Botswana P O Box 1157, Gaborone, Botswana |
Sponsoring Broker | Legal Advisor |
Imara Capital Securities (Pty) Limited Unit 1E, Ground Floor Peelo Place, Plot 54366 Western Commercial Rd, New CBD, Gaborone, Botswana Private Bag 173, Gaborone, Botswana Tel: +267 318 8886 Email:enquiriesbots@imara.com | Desai Law Group 3rd Floor, North Wing, Central Square, Central Business District (CBD), Gaborone, Botswana P O Box 640, Gaborone, Botswana |
Nominated Transfer Secretaries and Transaction Advisor | |
Transaction Management Services (Proprietary) Limited t/a Corpserve Botswana Unit 206, 2nd Floor Plot 64516 Fairgrounds, Gaborone, Botswana PO Box 1583 AAD, Gaborone, Botswana Tel: +267 393 2244 Email:contactus@corpservebotswana.com |
CONTENTS
1 INTRODUCTION ........................................................................................................................................ 6
2 DELISTING ................................................................................................................................................. 6
2.1 Background ......................................................................................................................................... 6
2.2 Future Prospects ................................................................................................................................ 6
2.3 Process ............................................................................................................................................... 7
3 EXIT OPPORTUNITY ................................................................................................................................. 8
3.1 Introduction ......................................................................................................................................... 8
3.2 Determination of the Cash Consideration ........................................................................................... 8
3.3 Payment of the Cash Consideration ................................................................................................... 8
3.4 Tax implications for Shareholders ...................................................................................................... 8
3.5 Process ............................................................................................................................................... 8
3.6 Confirmation of financial resources .................................................................................................... 9
4 HISTORICAL FINANCIAL INFORMATION ................................................................................................ 9
5 SHARE CAPITAL AND SHAREHOLDINGS ............................................................................................... 9
5.1 Significant Shareholders ..................................................................................................................... 9
5.2 Public Shareholding Analysis ........................................................................................................... 10
5.3 Post Delisting Shareholding Analysis ............................................................................................... 10
6 UNDERTAKINGS AND ARRANGEMENTS ............................................................................................. 10
7 INDEPENDENT BOARD OPINION, RECOMMENDATION AND RESPONSIBILITY STATEMENT ...... 10
8 STATEMENTS BY THE BOARD .............................................................................................................. 11
9 CONSENTS .............................................................................................................................................. 11
10 GOVERNING LAW ................................................................................................................................... 11
11 DOCUMENTS AVAILABLE FOR INSPECTION ...................................................................................... 12
ANNEXURE 1 - ANALYSIS OF TRADING IN AFINITAS SHARES ................................................................ 13
ANNEXURE 2 - REPORT OF THE INDEPENDENT EXPERT ....................................................................... 14
NOTICE OF GENERAL MEETING .................................................................................................................. 20
FORM OF PROXY ............................................................................................................................................ 22
DEFINITIONS AND INTERPRETATIONS
In this Circular, unless otherwise stated or the context clearly indicates a contrary intention, the following words and expressions shall bear the meaning assigned to them hereunder:
"Afinitas Group" | Afinitas and its subsidiaries; and |
"Afinitas" or "the | Afinitas Limited, with registration number BW00001543844, a limited |
Company" | liability public company duly incorporated in accordance with the laws of |
Botswana; | |
"Bank Account" | for each Shareholder entitled to payment of a Cash Consideration, the |
bank account on record with the CSDB for Shareholders; | |
"BDO" | BDO Wealth (Pty) Ltd, a private company incorporated in Botswana with |
registration number BW00000099371, a BSE Registered Corporate | |
Finance Advisor; | |
"Board" | board of directors of Afinitas; |
"Botswana" | the Republic of Botswana; |
"BSE Listings | the equity listings requirements issued by the BSE; |
Requirements" | |
"BSE" | Botswana Stock Exchange Limited; |
"BWP" or "P" | Botswana Pula, the lawful currency of Botswana; |
"BWP Equivalent" | with respect to any amount in USD, the amount of Pula actually realised |
by Afinitas in converting the applicable USD amount into Pula; | |
"Cash Consideration" | in respect of the Shares to be divested of by a Public Shareholder |
pursuant to the Exit Opportunity, the BWP Equivalent of the amount | |
determined by multiplying the number of Shares to be divested of, by the | |
Share Price. It should be noted that as settlement will take place through | |
the BSE's trading platform, as required by the BSE, the Cash | |
Consideration due to Shareholders will be subject to the deduction of BSE | |
and CSDB charges and their own stockbroker's commission; | |
"Circular" | this document, dated 12 February 2021; |
"Companies Act" | the Botswana Companies Act, [CAP 42:01]; |
"CSDB" | the Central Securities Depository of Botswana Limited, the central |
securities depository of the BSE; | |
"Delisting Date" | the date on which the BSE effects the Delisting, expected to be on or |
around insert 21 April 2021; | |
"Delisting Resolution" | the special resolution to be proposed by the Board at the General Meeting |
to approve the delisting of the Shares from the Venture Capital Board of | |
the BSE in accordance with the requirements of section 14.1 of the BSE | |
Listings Requirements; | |
"Delisting" | the termination of the listing of all of the Shares from the Venture Capital |
Board of the BSE, subject to the passing of the Delisting Resolution; | |
"Directors" | directors of Afinitas, as disclosed in this Circular in the section titled |
Corporate Information; | |
"Exit Opportunity" | the arrangement whereby the Company will repurchase the Shares of any |
Public Shareholder that does not wish to be a Shareholder post the | |
Delisting, at the Cash Consideration; | |
"Exit Opportunity | the special resolution to be proposed by the Board at the General Meeting |
Resolution" | to approve the Exit Opportunity; |
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Afinitas Ltd. published this content on 15 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2021 10:08:06 UTC.