AccessKenya shareholders approve NSE de-listing

August 20, 2013
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According to shareholder circular, once the level of acceptance reaches 90 percent, those shareholders who have not accepted the offer will be forced to accept it through compulsory acquisition/FILE
According to shareholder circular, once the level of acceptance reaches 90 percent, those shareholders who have not accepted the offer will be forced to accept it through compulsory acquisition/FILE
NAIROBI, Kenya, Aug 20 – Shareholders of AccessKenya have approved the de-listing of the company from the Nairobi Securities Exchange (NSE) following a successful takeover bid by South African based IT firm, Dimension Data.

Speaking at the Extraordinary General Meeting held in Nairobi, AccessKenya Group Chairman Daniel Ndonye said the company had received requisite levels of acceptances from shareholders to delist.

“We have received more than 75 percent plus 1 of acceptances from shareholders as required by the law to delist the company. This means that the board is now free to start the process of de-listing company,” he said on Tuesday.

According to shareholder circular, once the level of acceptance reaches 90 percent, those shareholders who have not accepted the offer will be forced to accept it through compulsory acquisition.

“If the 90 percent threshold is not reached then those shareholders who have rejected the offer will remain shareholders in a private company. This means that they’ll not be able to sell their shares on the NSE,” Ndonye explained further.

The decision to delist AccessKenya by the new owners is part of Dimension Data’s global strategy.

“We are delisting AccessKenya from the Stock market because we prefer to keep Dimension Data as a private Company,” Nick Reed, MD of Internet Solutions International (a wholly-owned Dimension Data subsidiary) said.

Shareholders are expected to receive their payments from mid-September.

Founded in 1983, Dimension Data plc is an ICT services and solutions provider that uses its technology expertise, global service delivery capability, and entrepreneurial spirit to accelerate the business ambitions of its clients.

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