2CC days away from delisting
The timetable for delisting 2 Cheap Cars (2CC) has been finalised after Sena & Co Limited issued a compulsory acquisition notice and will soon own all of the automotive group’s shares.
A successful takeover bid by Sena & Co, owned by 2CC’s chief executive and co-founder David Sena, means it now holds nearly 99 per cent of voting rights in the target company.
Sena issued a compulsory acquisition notice under the Takeovers Code on October 12 to 2CC shareholders who had failed to accept the 90c-a-share offer before it closed on October 9.
NZ RegCo has advised it will suspend trading in 2CC shares from the close of trading on October 19 and delist the business, subject to final NZX conditions being met, two days later.
Those 2CC shareholders who did not accept the offer have until November 3 to voluntarily transfer their holdings to Sena & Co.
Sena & Co must then pay the consideration and complete its compulsory acquisition of 2CC by November 10.
Michael Stiassny, 2CC chairman, says: “On behalf of the board, I thank shareholders for their loyalty to 2 Cheap Cars over recent years.
“The company has experienced considerable turbulence, including a period of board instability which took a toll on shareholder value and confidence.
“Since the reconstituted board was appointed in 2023, the company has restored stability, returned to profitability and resumed dividends.
“The final offer price of $0.90 per share reflects that recovery and is a good outcome for shareholders. It has been a privilege to serve the company and its shareholders.”
Takeover progress
Sena & Co made a full takeover offer on July 27 to acquire all ordinary shares in 2CC that it did not already own for 80c per share, which it increased on September 16 to 90c.
The deadline for acceptances was pushed back twice before Sena & Co announced on September 30 the offer had gone unconditional and it had become the “dominant owner” of 2CC.
After the offer closed on October 9, Sena & Co was exercising its compulsory rights under the Takeovers Code. It had received acceptances that, together with its pre-offer shareholding, represented 98.796 per cent of shares in 2CC.
