Pep offer accepted

The offer by Pep Retail from South Africa (PEP) to acquire Pep Namibia Holdings from shareholders (other than PEP) for 110 cents per share has been accepted by the holders of 6 786 033 Pep Namibia shares, representing 95 per cent of the total shares on offer.

The offer closed at 16h00 on Monday, January 26. The acceptance of the offer clears the way for the Namibian company to be de-listed from the Namibian Stock Exchange (NSX).Announcing the approval of the offer by shareholders; the two companies said in a joint statement, issued on Friday, that as the offer had been accepted by more than 90 per cent of Pep Namibia shareholders, the remaining shares in Pep Namibia would be subject to compulsory acquisition.Shareholders who wish to appeal against the compulsory acquisition would have to apply to the High Court of Namibia in terms of Section 321 (1) of the Namibian Companies Act of 1973 within six weeks of January 30, the companies explained.Pep Namibia shares have been suspended from the NSX with effect from the market close last Friday, and the company is scheduled to be de-listed from the NSX on Monday March 15.The acceptance of the offer clears the way for the Namibian company to be de-listed from the Namibian Stock Exchange (NSX).Announcing the approval of the offer by shareholders; the two companies said in a joint statement, issued on Friday, that as the offer had been accepted by more than 90 per cent of Pep Namibia shareholders, the remaining shares in Pep Namibia would be subject to compulsory acquisition. Shareholders who wish to appeal against the compulsory acquisition would have to apply to the High Court of Namibia in terms of Section 321 (1) of the Namibian Companies Act of 1973 within six weeks of January 30, the companies explained.Pep Namibia shares have been suspended from the NSX with effect from the market close last Friday, and the company is scheduled to be de-listed from the NSX on Monday March 15.