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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » HNBF takeover & amalgamation of Prime Finance.

HNBF takeover & amalgamation of Prime Finance.

3 posters

Go down  Message [Page 1 of 1]

apphunter


Equity Analytic
Equity Analytic

HNB Finance acquired 87.27% of Prime Finance PLC. This triggered the Company takeovers & mergers code. HNBF is offering to buy at 20.10 per share from the remaining shareholders. 

However, it is mentioned in their announcement that HNBF plans to amalgamate with Prime Finance. 

If HNBF & Prime finance amalgamates similarly to what CLC & SFL is doing, shareholders of Prime finance should get shares of HNBF.

It should be noted that Prime Finance has over Rs. 1 billion in real estate inventory (As at 30.09.2021) which would become part of HNBF after amalgamation.

It would be interesting to see the proportion to which the new shares will be distributed.
 

https://cdn.cse.lk/cmt/announcement_portal_prod/Announcement%20under%20the%20Companies%20Takeover%20and%20Mergers%20Code%201995%20(00000003)_20617385982459.pdf

soileconomy

soileconomy
Vice President - Equity Analytics
Vice President - Equity Analytics

Before amalgamation happens prime finance will jump to new levels due to low liquidity

apphunter


Equity Analytic
Equity Analytic

Looks prime finance has sold its real estate inventory. https://cdn.cse.lk/cmt/announcement_portal_prod/CSE%20Announcement_35190508519605.pdf

apphunter


Equity Analytic
Equity Analytic

It appears that shareholders of Prime finance will probably note get HNBF shares after amalgamation.



HNBF takeover & amalgamation of Prime Finance.  Screen14




But if there scenario becomes similar to how AIA Insurance Lanka PLC delisted and went private, HNBF has to offer the shareholders an exit offer. 

https://www.aialife.com.lk/content/dam/lk/en/help-support/egm-connected-papers/Circular%20shareholders%2001%2003%202019.pdf

Nandun


Manager - Equity Analytics
Manager - Equity Analytics

have anyone got offer forms?

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