AccessKenya to de-list from NSE

Last Updated 13 years ago by Kenya Engineer

AccessKenya Group Limited is set to de-list from Nairobi Securities Exchange (NSE) by latest December this year following a majority count of 99.92% for the approval of the set offer by Dimension Data Holdings Plc from the Company’s Shareholders. This marks 9 percent more votes than the set 90 percent owners’ approval which was a condition for the take-over of AccessKenya by Dimension Data Holdings Plc. 

Last month, the AccessKenya Group Board of Directors had recommended that shareholders vote in favor of de-listing, which was set for December if the offer becomes unconditional in all respects. 

According to the results of poll conducted at the extraordinary General Meeting of shareholders held on the 20th August issued in a statement by Daniel Ndonye, Chairman of the Board of AccessKenya , out of the 190,948,099 ordinary shares present at the meeting, 190,712,982 were in favor of de-listing. 

”The de-listing of the ordinary shares of the company shall be effected immediately following the offer becoming unconditional in all respects in accordance with terms and conditions and pursuant to Regulation 22(4) c of the Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulations, 2002, all the company’s ordinary shares of par value Kshs 1/= each shall be de-listed from the official list of the NSE,” read part of the statement.

Capital Markets (Securities) (Public Offers, Listings and Disclosures) Regulations, 2002, Regulation 22(4) c states: a recommendation has been made by the directors to the shareholders to have the securities de-listed and where the share holders of such securities through a special resolution at which a minimum of 75% of such security holders are represented without objection to the proposed withdrawal from at least 10% of the holders of securities resolve to have the securities de-listed.

“The Board of Directors of the Company be and is hereby authorized to do all such things as may be necessary to effect and implement the de-listing,” concluded the statement.

After de-listing, AccessKenya will be merged with Internet Solutions (IS). Nick Reed, Internet Solutions International managing director, had said earlier that if the offer is successful, both the AccessKenya and the Internet Solutions Kenya brands will continue to operate separately, but under one management team; with Jonathan Somen, AccessKenya managing director managing both companies. (Read: AccessKenya’s CEO to retain position after the takeover)

Internet Solutions is fully owned by Dimension Data Holdings Plc. IS offers web design, web hosting and domain registration. 

Dimension Data will pay shareholders Sh14 per share for 218 million ordinary shares – a 42 per cent premium on the AccessKenya closing price of Sh9.85 as of May 3, 2013. The shareholders will also receive a final dividend of Sh0.30 per share proposed by the firm’s board in respect of the year ended December 31, 2012.