Game (almost) over for ‘dissenting shareholders’ of Air Mauritius

Following the closing of its Mandatory Offer, Airport Holdings Ltd has reportedly received valid acceptances for 121,603,479 voting shares of Air Mauritius Ltd, representing a total consideration of Rs705.3 million.

The transfer of these shares has already been effected on the Stock Exchange of Mauritius Ltd, Airport Holdings has announced..

It added that payment to shareholders of Air Mauritius Ltd has also been made through their respective investment dealers.

This comes as a major development in the row between the state-owned entity and the small shareholders. The latter had earlier contested the compulsory acquisition and applied for an injunction.

The application was nonetheless rejected by Commercial Court Judge Véronique Kwok, leaving the decision up to shareholders themselves.

In a communique published on the Stock Exchange of Mauritius February 5, Airport Holdings said it now holds 94.04% of Air Mauritius Ltd.

It also now satisfies the threshold conditions under Rule 37(2) of the Securities (Takeover) Rules 2010 and is entitled to acquire the shares of the dissenting shareholders of Air Mauritius Ltd.

Hence, Airport Holdings Ltd notified that it intends to proceed with the compulsory acquisition of all the shares .