- Border Timbers EGM adjourned for acquisition consideration
- Cicada Plantations offered acquisition deal to Border Timbers
- Shareholders to vote on Border Timbers' acquisition proposal
Harare- Border Timbers Limited, a prominent company in the timber industry, announced that their Extraordinary General Meeting (EGM) held on 18th August 2023 had been adjourned. The adjournment was necessary to fulfil the meeting notice requirements and the EGM will now take place on Monday, 28th August 2023 and will also be accessible virtually.
In a circular, the Company said the purpose of the adjourned meeting is to discuss and vote on a significant offer made by Cicada Plantations Zimbabwe (Private) Limited to acquire up to 100% of the issued share capital of Border Timbers Limited.
The offer proposes a share swap, with a swap ratio of 1 new Cicada Plantations Zimbabwe (Private) Limited ordinary share for every 1.1079 Border Timbers Limited ordinary shares held. This would result in the issuance of 38,758,568 new Cicada Plantations Zimbabwe (Private) Limited shares to the shareholders of Border Timbers Limited.
“NOTICE IS HEREBY GIVEN that the Extraordinary General Meeting (“EGM”) of the Shareholders of Border Timbers Limited held on 18 August 2023 was adjourned to fulfil the meeting notice requirements of the Articles of Association and is to be held physically at 4 – 12 Paisley Road, Southerton, Harare, and virtually by electronic means via the link “https://escrowagm. com/eagmZim/Login.aspx”, on Monday, 28 August 2023, at 1000 hours, for the purpose of transacting the same business as the adjourned meeting,” said the company.
If the offer is accepted, Border Timbers Limited shareholders who agree to the terms of the offer will become shareholders in Cicada Plantations Zimbabwe (Private) Limited, potentially leading to Border Timbers Limited becoming a subsidiary of Cicada Plantations Zimbabwe (Private) Limited. The proposed transaction and its terms have been detailed in a circular provided to the shareholders.
The first resolution to be considered at the adjourned EGM is the approval of the terms and conditions of the offer. Shareholders will have the opportunity to vote on whether to accept or reject the proposed acquisition. The second resolution seeks to authorize the directors of Border Timbers Limited to take any necessary actions to give effect to the approved resolution.
The adjourned EGM is a crucial event that will shape the future of Border Timbers Limited. Shareholders are encouraged to attend the meeting in person or participate virtually through the provided link as it is an opportunity for them to have their voices heard and contribute to the decision-making process regarding the potential acquisition.
The outcome of the meeting will be eagerly anticipated by industry stakeholders, as it may have far-reaching implications for the timber industry in Zimbabwe and the company at large.
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