Taprobane Holdings (TAP) yesterday announced a Rs. 2.7 billion voluntary offer at Rs. 11 per share to minority shareholders of Lanka Century Investments (GREG).
TAP at present holds a 29% stake in GREG, whilst GREG holds a 20% stake in Browns Investments Plc which in turns own a 20% stake in TAP.
Among major shareholders of TAP are Caledonian Securities Ltd. (28%), Capital Trust Partners (14.6%) and Octagon Asset Management (5%).
The offer is far below the Net Asset Value of GREG which was Rs. 23.24 as at end 2013. It is also lower than yesterday’s closing price of Rs. 10.80 though it hit an intra-day high of Rs. 11.30.
In the 31 December 2013 ended quarter, the highest share price of GREG was Rs. 16 and the closing was Rs. 14.10. One of the shareholders Capital Trust acquired a 7.5% stake in January this year at Rs. 16.50 per share.
In November last year Lionhart sold a 29% stake in ERI to Taprobane Holdings Plc for Rs.1.7 billion (at Rs. 16.70 per share) whilst ERI bought a 20% stake in Browns Investments Plc for Rs. 2 billion from Taprobane Holdings Plc.
GREG has four nominees from TAP on the Board.
www.ft.lk
TAP at present holds a 29% stake in GREG, whilst GREG holds a 20% stake in Browns Investments Plc which in turns own a 20% stake in TAP.
Among major shareholders of TAP are Caledonian Securities Ltd. (28%), Capital Trust Partners (14.6%) and Octagon Asset Management (5%).
The offer is far below the Net Asset Value of GREG which was Rs. 23.24 as at end 2013. It is also lower than yesterday’s closing price of Rs. 10.80 though it hit an intra-day high of Rs. 11.30.
In the 31 December 2013 ended quarter, the highest share price of GREG was Rs. 16 and the closing was Rs. 14.10. One of the shareholders Capital Trust acquired a 7.5% stake in January this year at Rs. 16.50 per share.
In November last year Lionhart sold a 29% stake in ERI to Taprobane Holdings Plc for Rs.1.7 billion (at Rs. 16.70 per share) whilst ERI bought a 20% stake in Browns Investments Plc for Rs. 2 billion from Taprobane Holdings Plc.
GREG has four nominees from TAP on the Board.
www.ft.lk
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