Plans for the long-awaited restructuring at Serena have been finalized. It will involve the takeover of Serena Kenya (TPS Limited) by Serena East Africa (TPS Eastern Africa) who will purchase the 23% owned by the public (9 million shares of 5 shillings par value) by offering them 1.35 new shares (par value 1/=) of the new TPS EA for each old TPS share held. (TPS who own 77% will not be participating)
1 December: record date of entitlements.
14 December: documents posted to shareholders including offer details, information memorandum, and invitations to attend presentations by managers and transaction advisers.
16 December: opening of offer.
15 February 2006: closing of offer. Also if exercise is unsuccessful, [i.e. at least 1,000 shareholders don’t buy in or TPS does not attain 80% stake in company] then old TPS shares resume trading at the NSE.
1 march: results announced.
15 March: new TPS EA listed on NSE.
29 march: old TPS delisted from NSE.