Dawn one step closer to ending its JSE career
Most shareholders on Monday voted to accept the 1c a share offer from Polanofield — an offer that BDO has deemed as fair and reasonable
Building supplies group Distribution and Warehousing Network (Dawn) moved one significant step closer to ending its chequered career as a listed entity on Monday when 83% of shareholders voted to accept the 1c a share offer from Polanofield. Only 68% of the shareholders attended the meeting. In a statement released on Monday afternoon the company said the buyout scheme remains subject to the fulfilment or waiver of the remaining conditions. The only remaining condition appears to be approval from the Takeover Regulation Panel. The share is due to be delisted on February 18. Dawn chair Theunis de Bruyn told Business Day on Monday that he did not know of any shareholders who had notified the company of their intention to pursue their appraisal rights. Such appraisal rights are always available to dissenting shareholders who are unhappy with the terms of a significant restructuring. A shareholder intending to exercise appraisal rights had to provide Dawn with written notice before the ...
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