PZ Cussons delisted from the Ghana’s bourse
Adnan Adams Mohammed
PZ Cussons has successfully been delisted from the Ghana
Stock Exchange (GSE) bourse following the review of offer documents to initiate
the process.
PZ Cussons earlier announced its tender offer to existing
Qualifying Shareholders of the company to purchase fully the entire
shareholding of each Qualifying Shareholder.
The Offer is priced at GHc 0.45 per PZ Cussons Share
representing a 15.4 percent premium above the market price of GHS 0.39, which
is the higher of the average 12-week market price and the market price on the
annual general meeting date.
The process began with the opening of offer on July 6, 2020,
and will close on August 17, 2020. Settlement would be made on September 4,
2020.
Currently, PZ Cussons has a total of 168 million shares
issued on the bourse, with a total market capitalization of GHc 63.84 million.
In October 2019, PZ Cussons announced its intention to
delist from the stock market following the unanimous approval of a resolution
seeking to undertake the Offer and to De-List the Company from the Ghana Stock
Exchange. Subsequently, shareholders of PZ Cussons also approved a resolution
to undertake the Offer at the Company’s Annual General Meeting (“AGM”) held on
11 November 2019.
IC Securities (Ghana) Limited, is acting as sole financial
adviser and sole sponsoring broker to PZ Cussons in respect of this Offer.
According to PZ Cussons Ghana, the proposed de-Listing is in
line with the company’s plans to achieve operational efficiency, by providing
management of the company more time and resources to focus on running and
expanding the business, its distribution network and reach, thereby ensuring
consumer satisfaction.
This brings the total number of companies delisted from the
bourse to six over the past three years – some voluntary, some enforced. This
will reduce the number of companies listed on the bourse to 31.
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