2 Cheap bid edges nearer target
Shareholders controlling nearly 8.5 per cent of shares in 2 Cheap Cars (2CC) have accepted a takeover offer for the company, with the deadline for the deal less than two weeks away.
Sena & Co Ltd, which holds or controls 75.924 per cent of 2CC’s ordinary shares, has made a 90c per share bid for full control of the company.
The minimum condition for the offer from Sena & Co, owned by 2CC co-founder and chief executive David Sena, to proceed is receiving acceptances that give it 90 per cent or more of the automotive group’s voting rights, unless waived in accordance with the offer’s terms.
Updates to the NZX on September 17 show shareholders with 8.427 per cent of shares have accepted the proposal, including 2CC chairman Michael Stiassny, which would give Sena & Co control of 84.351 per cent of the business.
A disclosure notice shows Stiassny, pictured, would receive $91,925.10 in cash, payable on settlement if the offer becomes unconditional, as he holds 102,139 shares.
Two other key figures at 2CC, chief financial officer Angus Guerin and independent director Gordon Shaw, have also accepted the offer and would be paid $84,719.70 and $9,162.90 respectively if the deal goes through.
Sena & Co Ltd made an 80c per share offer for all 2CC’s ordinary shares that it didn’t own on July 27 but increased it to 90c on September 16.
It has extended the deadline for acceptances twice, with the date currently set for September 30.
In its notice under the Takeovers Code about the latest number of acceptances, Sena & Co says it believes other shareholders have also indicated they will support the deal.
“Based on information disclosed on NZX, Sena & Co understands that a number of shareholders – holding shares representing 0.229 per cent of the shares – have instructed Sharesies Nominee Ltd to accept the offer on their behalf,” it explains.
“Sena & Co has not received these acceptances yet, and is not aware of the total percentage of acceptances from persons who hold their Shares via Sharesies Nominee Ltd – and the level of such acceptances may be greater than 0.229 per cent.
“If Sena & Co receives these acceptances at a later date, the aggregate level of acceptances received and disclosed as having been sent is 8.656 per cent – being the sum of 8.427 per cent and 0.229 per cent.”
