Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
L’IMAD Holding, through its wholly owned subsidiary ADQ, has set September 15 as the deadline for AD Ports Group shareholders to accept its voluntary conditional cash offer.
The offer opened on August 18 and will remain available until 3pm UAE time on September 15, according to an offer document posted on the Abu Dhabi Securities Exchange website.
ADQ may extend the acceptance period by an additional 14 days or, with the approval of the Capital Market Authority, set another closing date. Any extension will be announced through ADX.
The offer covers the remaining 1,251,248,000 AD Ports shares not already owned by ADQ, representing approximately 24.58% of the company’s issued share capital. Shareholders may accept or reject the offer for all or part of their holdings and will receive Dh6.25 in cash for every share validly tendered, subject to the offer becoming unconditional.
Shareholders can accept electronically through the offer platforms operated by Emirates NBD or First Abu Dhabi Bank. They will need their ADX National Investor Number and details of their AD Ports shareholding.
Alternatively, shareholders can complete the acceptance and transfer form included with the offer document and submit it to a participating branch of Emirates NBD or First Abu Dhabi Bank.
Shares submitted under the offer must be held in a depository account linked to the shareholder’s investor number with ADX and the Abu Dhabi Central Securities Depository.
Shareholders whose holdings are not registered in their own names must contact their broker or custodian to arrange acceptance on their behalf.
An acceptance cannot be withdrawn after an electronic or physical acceptance and transfer form has been submitted.
The shares covered by a valid acceptance will be blocked from disposal until completion of the offer and payment of the consideration.
The results are expected to be announced on September 16, unless the acceptance period is extended. The offer is expected to become unconditional within three months of the closing date, with payment to shareholders due within three business days thereafter.
Payments will be transferred to the bank account registered against each shareholder’s investor number. Payment may be withheld if valid bank-account details have not been registered with ADX and the depository.
