CEC | Lapse of Offer

By Published On: July 18th, 2018Categories: Corporate announcement


Shareholders are referred to the Announcement Regarding a ‘Firm Intention to Make a Binding Offer for All of the Ordinary Shares in the Share Capital of Copperbelt Energy Corporation Plc (“CEC” or “the Company”)’ issued on LuSE SENS on 30th January 2018 and published in the Zambian press on 31st January 2018, in which Shareholders were advised of the firm intention by Zambian Transmission LLP (the “Offeror” or “Zambian Transmission”) to make a binding offer to purchase all the ordinary shares in the share capital of CEC for a cash offer price of US$0.2338 per share (the “Offer”). Further reference is made to the subsequent announcements issued on LuSE SENS on 20th April 2018 and 21st May 2018 in respect of extensions to the Closing Date of the Offer, as approved by the Securities and Exchange Commission (“SEC”).

The Offeror is a wholly owned subsidiary of CDC Group PLC. The full terms of, and conditions to, the Offer were set out in the Offer Document dated 20th February 2018 (the “Offer Document”) and the Circular to CEC Shareholders dated 26th February 2018 (the “Circular”). Defined terms used but not defined in this announcement have the same meanings as set out in the Offer Document and Circular.


The Offeror has formally advised the Board of Directors of the Company that the conditions to the Offer had not been met in full as at 5:00p.m. CAT on 17th July 2018, being the final Closing Date of the Offer.

The Offeror has advised that as the conditions to the Offer were not satisfied in full or the Offer declared unconditional as at 5:00p.m. CAT on 17th July 2018 the Offer has accordingly lapsed with immediate effect.

Consequently, as the Offer has lapsed, it is no longer capable of further acceptance and any accepting CEC Shareholders cease to be bound by their acceptances. In accordance with the terms of the Offer as set out by the Offeror in the Offer Document, Forms of Acceptance will not be returned to CEC Shareholders.

CEC Shareholders are advised to consult their broker, banker or financial advisor should they have any questions.

By order of the Board
Julia C Z Chaila (Mrs)
Company Secretary
Issued in Lusaka, Zambia on Tuesday, 17th July 2018

Lusaka Securities Exchange Sponsoring Broker
T: +260-211-232456

E: [email protected]

W: www.sbz.com.zm

Stockbrokers Zambia Limited (SBZ) is a member of the Lusaka Securities Exchange and is regulated by the Securities and Exchange Commission of Zambia

First Issued on Tuesday, 17th July 2018

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