BRIEF-Cargo Carriers Says Received Acquisition Offer From CCH

  • Reuters
  • Stock Market News
BRIEF-Cargo Carriers Says Received Acquisition Offer From CCH

Oct 17 (Reuters) - Cargo Carriers Ltd CRGJ.J :

* OFFER TO ACQUIRE ALL OF THE ISSUED SHARES OF CARGO, PROPOSED DELISTING & WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

* SHAREHOLDERS WILL, IF SCHEME BECOMES OPERATIVE, BE ENTITLED TO RECEIVE R20.927 PER OFFER SHARE

* RECEIVED AN OFFER FROM CCH TO ACQUIRE 100% OF REMAINING ISSUED ORDINARY SHARE CAPITAL OF CARGO NOT ALREADY HELD BY CCH

* CCH CURRENTLY HOLDS 61.11% OF ISSUED SHARES OF CARGO

* INDEPENDENT BOARD INTENDS TO MAKE UNANIMOUS RECOMMENDATION TO CARGO SHAREHOLDERS TO VOTE IN FAVOUR OF RESOLUTION TO APPROVE SCHEME

* APPLICATION WILL BE MADE TO JSE TO TERMINATE LISTING OF CARGO SHARES ON JSE

* CCH IS OF VIEW THAT IT IS UNSUSTAINABLE FOR CARGO TO MAINTAIN ITS LISTING ON JSE

* CCH INTENDS TO RETAIN CARGO'S EXISTING SENIOR MANAGEMENT

* CCH IS OF VIEW THAT CARGO'S DELISTING WILL RESULT IN SUBSTANTIAL COST AND MANAGEMENT TIME SAVINGS

* IF SCHEME FAILS, CCH TO MAKE GENERAL OFFER TO CO'S SHAREHOLDERS WHERE THEY CAN ELECT WHETHER OR NOT TO DISPOSE OF THEIR SHARES TO CCH

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