AccessKenya shareholders to complete acceptance forms Thursday
AccessKenya employees fix network cables in Nairobi. FILE
What you need to know:
Dimension Data which has put a bid of Sh3 billion to take over 100 per cent of AccessKenya's shares said Tuesday the extension was to compensate for a day lost in marking the Eid al-Fitr public holiday last Friday.
AccessKenya shareholders have until Thursday, August 15 to complete their offer acceptance forms following an extension of the closure date by a day.
Dimension Data which has put a bid of Sh3 billion to take over 100 per cent of AccessKenya's shares said Tuesday the extension was to compensate for a day lost in marking the Eid al-Fitr public holiday last Friday.
Nick Reed, Internet Solutions International managing director, said the number of acceptances has been “very positive”.
“If the offer is successful, both the AccessKenya and the Internet Solutions Kenya brands will continue to operate separately, but under one management team,” said Mr Reed.
Shareholders who have not received their documents and wish to accept the Dimension Data offer should urgently contact their stockbroker, investment bank, or Standard Investment Bank Limited. Shareholders can also go to any KCB branch and obtain their Acceptance Form.
Dimension Data will pay shareholders Sh14 per share for 218 million ordinary shares - a 42 per cent premium on the AccessKenya closing price of Sh9.85 on May 3, 2013.
AccessKenya shareholders will also receive a final dividend of Sh0.30 per share proposed by the firm's board in respect of the year ended December 31, 2012.
Mr Reed added that Jonathan Somen, AccessKenya managing director will manage both companies.
The Somen brothers will also remain on the AccessKenya board, and "will continue to play a key role in the future strategy and growth of the two companies."
Dimension Data’s Offer Document, together with the Shareholders Circular from AccessKenya was dispatched to the shareholders in early July.
