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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Dhammika’s and Royal Ceramics’ offer for Hayleys below market

Dhammika’s and Royal Ceramics’ offer for Hayleys below market

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Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

The mandatory offer for Hayleys PLC by Royal Ceramics Lanka PLC and Mr. Dhammika Perera has now reached shareholders of the blue chip conglomerate in which Perera is a major shareholder. According to the Offer Document, Royal Ceramics, Perera and LB Finance acting in concert held slightly under 30% of Hayleys on Jan. 26. On Jan. 27, Royal Ceramics had purchased 161,272 Hayleys shares at a price of Rs.380 per share comprising approximately 0.2% of the company, thus triggering the Companies Takeovers and Mergers Code of the SEC.

As a result, the offerors are required to offer all other shareholders the Rs.380 price, the highest price paid per share in the preceding 12 months, and the offer document has now been mailed to all shareholders.

Hayleys closed at Rs. 390 per share on the CSE on Friday with 12,600 shares traded between Rs. 386.50 and Rs. 390. Given that the secondary market price is currently above the offer price, analysts are watching the outcome of the offer.

The Offer Document has said that each of the offerors have arranged financial facilities with the Pan Asia Banking Corporation and the Commercial Bank of Ceylon to meet full acceptance of the offer amounting to slightly over Rs.19.9 billion.

The Offer Document indicates that Royal Ceramics has been buying into Hayleys from April last year paying a low of Rs.280 (on Apr. 30, 2010) and a high of Rs.380 (on Jan. 27) to acquire its present holding of nearly 2.8 million Hayleys.

Perera had bought into Hayleys at prices ranging from Rs.300 to Rs.340 between May 24 and Dec. 10, 2010 paying Rs.305 for three large parcels of shares amounting to nearly 0.8 million, over 0.4 million and nearly 0.2 million. Thereafter, he paid Rs.340 for a parcel of nearly 0.3 million.

Perera is a member of the Hayleys board, Deputy Chairman of Royal Ceramics and Chairman of LB Finance which are associated with him in the offer.

His business interests include hydro power generation, manufacturing, hospitality, entertainment and banking & finance. He is also the Secretary to the Ministry of Transport and a member of the Board of Directors of Strategic Enterprise Management Agency (SEMA).

The Offer Document indicates that LB Finance held slightly over 0.7% of Hayleys on the date that the mandatory offer was triggered.

It is also said that the offerors will continue the business activities of Hayleys as an on-going entity and have made no decision to terminate the services of the employees of Hayleys or any of its subsidiaries or associate companies.

Courtesy- The Island

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