By J. Kurukulasuriya
Ceylon Finance Today: G. Ramanan who has taken controlling ownership of Industrial Asphalts PLC, and is required by the CSE regulations to make a mandatory offer to the remaining shareholders, has extended his offer deadline by 7 days, from 14 October to 4.30 p.m. on 20 October.
This has happened due to the "delay by the independent advisors to submit their views, comments and advice on the offer document of the Industrial Asphalt Company's board, within 14 days of the receipt of the offer document by the board of the offeree, as required by rule 13(2) of the Takeovers and Mergers code", says Ramanan in a filing with the stock exchange.
On 21 August G. Ramanan purchased 440,914 shares in Industrial Asphalts at Rs 201 each, thereby acquiring a total shareholding of over 66% of the shares in the company.
Ceylon Finance Today: G. Ramanan who has taken controlling ownership of Industrial Asphalts PLC, and is required by the CSE regulations to make a mandatory offer to the remaining shareholders, has extended his offer deadline by 7 days, from 14 October to 4.30 p.m. on 20 October.
This has happened due to the "delay by the independent advisors to submit their views, comments and advice on the offer document of the Industrial Asphalt Company's board, within 14 days of the receipt of the offer document by the board of the offeree, as required by rule 13(2) of the Takeovers and Mergers code", says Ramanan in a filing with the stock exchange.
On 21 August G. Ramanan purchased 440,914 shares in Industrial Asphalts at Rs 201 each, thereby acquiring a total shareholding of over 66% of the shares in the company.
Therefore it became mandatory on the part of Ramanan to make a mandatory offer to the remaining shareholders. Accordingly he made an offer, as per CSE rules, of Rs 201 per share which is the highest price paid for the share during the preceding 12 months to 21 August. Shares not owned by him amounted to 224,475 shares (33.68%).
Industrial Asphalts traded this week at a price of around Rs 262 and 250 per share.
Ramanan describes himself as an investment banker with 20 years of experience. He was head of investment banking at Hatton National Bank. He holds an MBA from the prestigious Booth School of Business, University of Chicago, which was recently featured in Ceylon Today's TRIVIA section as the 3rd best ranked Business School in the world.
www.ceylontoday.lk
Ramanan describes himself as an investment banker with 20 years of experience. He was head of investment banking at Hatton National Bank. He holds an MBA from the prestigious Booth School of Business, University of Chicago, which was recently featured in Ceylon Today's TRIVIA section as the 3rd best ranked Business School in the world.
www.ceylontoday.lk
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