5 Aug 2014 18:25
5 August 2014
Atlas Mara Co-Nvest Limited achieves 95% acceptance in the voluntary public offer for ADC African Development Corporation AG
Further to the launch of the voluntary public offer to the shareholders of ADC African Development Corporation AG ("ADC") on 3 July 2014 (the "Offer"), Atlas Mara Co-Nvest Limited ("Atlas Mara" or the "Company") announces that the period for accepting the Offer expired on 31 July 2014 and that 9,010,130 shares in ADC, which represent 95.17% of ADC's current share capital, have been tendered.
Whilst the minimum acceptance threshold for the Offer has been satisfied, certain conditions relating to regulatory clearances remain outstanding. Atlas Mara anticipates that the remaining conditions will be satisfied in the near future.
About Atlas Mara
Atlas Mara was formed by Bob Diamond, Founder of Atlas Merchant Capital LLC and Ashish J. Thakkar, Founder of Mara Group Holdings Limited, and listed on the main market of the London Stock Exchange in December 2013.
The stated strategy of the Company is that, following an acquisition, it will operate the acquired business and implement a strategy with a view to generating value for its shareholders through operational improvements as well as potentially through additional complementary acquisitions.
The Directors believe that there are significant gaps in the financial services sector in Africa today at a critical period of growth, including the need for capital created by European financial institutions retreating to their home territories due to the sovereign debt crisis and the Basel III regulatory framework. This situation presents opportunities for Atlas Mara to create a financial institution that provides leadership, liquidity, access to investors, product innovation, and technology to support economic growth and strengthen financial systems in Africa.
For more information, visit the Company's website at www.atlasmara.com.
Important Notices / Disclaimer
This announcement does not constitute or form part of any offer or invitation to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
Certain statements in this announcement are forward-looking statements which are based on the Atlas Mara's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements and the actual events or consequences may differ materially from those contained in or expressed by such forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, Atlas Mara undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact details
StockWell Communications, +44 (0)20 7240 2486
Anthony Silverman
Robert Morgan
Sard Verbinnen & Co, +1 (212) 687 8080
David Reno
Margaret Popper