Further to the last cautionary announcement dated 23 November 2011; shareholders and the market were informed of the completion of sale of BP Africa Limited’s interest in BP Zambia Plc to Puma Energy (Ireland) Holdings Limited (“Puma Energy”) via the Announcement of Completion of Sale issued on 04 April 2011.
In the same announcement of 04 April 2011, it was stated that “Pursuant to the provisions of the Securities (Takeovers and Mergers) Rules, 1993 of the Securities Act, Cap 354 of the Laws of Zambia and the Listing Rules of the Lusaka Stock Exchange, Puma Energy intends to apply to the Securities and Exchange Commission of Zambia to request for the granting of a waiver in regard to undertaking a mandatory offer to the minorities.”
Puma Energy now understands that a waiver may not sufficiently address the expectations of some of minority shareholders. Accordingly Puma Energy will not proceed with its earlier intention of applying to the SEC for a waiver and instead it will proceed with the mandatory offer. The mandatory offer will take place after Puma Energy has concluded its post completion price adjustment exercise with BP Africa Limited.
Therefore, it could be sometime before the final position is known.
Accordingly, shareholders are advised to continue to exercise caution when dealing in the company’s securities until a full announcement regarding the mandatory offer is made.
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.”