Musson wants to increase stake in Seprod
Published:Friday | January 19, 2024 | 7:02 PM
Conglomerate Musson Limited, majority controlled by PB Scott and Melanie Subratie, today released an offer to the market to acquire $1 billion worth of additional shares in its listed subsidiary Seprod Ltd.
The offer opens on January 24 and closes on February 15.
If fully subscribed, it would increase Musson and its affiliates' shareholding in Seprod from 50 per cent to roughly 51 per cent.
“Musson Investments Ltd, a wholly-owned subsidiary of Musson Limited, hereby makes an offer to purchase a maximum of 13,948,000 shares which it and its associates do not currently own. In the event the offer is taken up in full the total consideration paid for the shares will be J$1.088 billion,” stated the offer circular.
JMMB Investments will act as the lead broker for the offer.
The offer price is $78 which hovers between one-year highs of $90 and lows of $63, according to the prospectus released on Friday.
Minority shareholders are within their right to consult independent financial advice prior to taking up the offer.
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