The Rea Vipingo sisal estate in Kilifi County. FILE
What you need to know:
Vania Investment Pool (VIP) has moved to the High Court to compel the capital markets regulator to accept its Sh80 a share offer, which was barred on the basis of lateness.
Rea Vipingo shareholders have temporarily been denied a chance to triple their wealth after a second court case was filed in the company’s takeover tussle.
Vania Investment Pool (VIP) has moved to the High Court to compel the capital markets regulator to accept its Sh80 a share offer, which was barred on the basis of lateness.
Kilifi County has also sought leave to apply an order of prohibition barring the Capital Markets Authority (CMA), the Registrar of Companies and the Central Depository and Settlement Corporation Ltd (CDSC) from approving any transaction or disposal of the stock.
The sisal maker’s stock last traded at Sh27.50 before it was suspended in November last year and VIP’s Sh80 offer represents a threefold growth in the value of the shares. Centum has offered Sh75 and brothers Richard and Jeremy Robinow Sh70 plus a portion accruable from land sale.
VIP accuses CMA of opacity in handling the takeover by refusing it a chance to vary its earlier offer of Sh55. The investment firm is contesting CMA’s notice published on February 5 putting February 28 as the closing date for parties to submit offers and make counteroffers.
“The said notice communicating directions was purported to have been issued under Section 11(3)(w) of the CMA Act. The decision by the respondent to set a deadline of February 28 is contrary to the mandatory provisions of the regulations,” said Dilesh Somchand Bid in a sworn affidavit presented in the High Court Nairobi.
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