CFI minority shareholders snub Stalap offer

Stalap Investment’s offer to CFI minority shareholders flopped with no takers as minorities wait for a higher offering on the local bourse. The Zimre Holdings controlled Stalap made the mandatory offer on July 13 at 22 cents per share after clearance from the Zimbabwe Stock Exchange (ZSE) listing committee.

However, British tycoon, Nicholas Van Hoogstraten’s Messina Investments, on July 25 countered, offering to purchase the shares at 46 cents per share exclusive of charges, and urged the minorities to ignore the Stalap offer.

“Stalap has advised that due to unanticipated increases in the market price of CFI shares above the offer price following the opening of mandatory offer, they have not received any shares on this mandatory offer,” company secretary, Panganayi Hare said in a statement on Thursday.

When the minority offer closed on August 4, CFI shares traded 132 percent higher than Stalap’s original minority offer price.

CFI share price closed at 58,07 cents on Thursday.–source