VenFin shareholders who tendered their shares to Vodafone before yesterday are to be paid on 20 April.
Vodafone says in a notice to shareholders that it is proceeding with the Section 440K compulsory acquisition of the shares in VenFin it does not own and that VenFin will be delisted from the JSE next Tuesday, as planned.
Section 440K of the Companies Act allows any entity acquiring more than 90% of the shares in a company to make it compulsory for remaining shareholders to accept its offer to buy their shares.
Vodafone, a UK-headquartered cellular network operator, announced in February that its offer to buy VenFin had resulted in it owning an effective 94.5% economic interest and a 96.8% voting interest in the JSE-listed company.
The target of the offer was VenFin`s 15% stake in local operator Vodacom, which, when combined with Vodafone`s existing shareholding, gives the UK group a 50% holding in Vodacom.
The balance of VenFin`s assets were sold for R5 billion to a newly formed unlisted company, Business Venture Investments No 951, known as Newco.
Vodafone says VenFin shareholders who tendered their shares before yesterday are to be paid on 20 April.
Vodafone undertook the acquisition at R47.25 a share.
It adds that it will pay into a separate bank account for trust the amount due to the remaining shareholders who did not tender their shares.
Those shareholders will be able to claim their cash on the surrender of their share certificates. Dematerialised shareholders will be certificated on the termination of the listing and will also be able to claim their cash by surrendering their certificates.
Vodafone says the certificates will be able to be used only for that purpose.
Related stories:
Ownership of old VenFin assets settled
Suspension for VenFin
Vodafone`s offer ends
End of the road for VenFin
Share