Investors shun African Dune’s offer for Dorbyl

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African Dune Investments 311 had received acceptances of its offer for all outstanding Dorbyl shares from shareholders holding just 86 453 ordinary shares, or about 0.25 percent of the shares in issue, Dorbyl said in a Stock Exchange News Service statement yesterday.

The company referred shareholders to a statement on September 21, in which shareholders were advised that African Dune would make a mandatory offer to all ordinary shareholders of Dorbyl to acquire their shares at an offer price of 65c a share.

The offer closed on December 28.

Prior to the offer, African Dune held, directly and indirectly, 14 203 424 Dorbyl ordinary shares, constituting about 41.69 percent of the issued ordinary shares in Dorbyl.

Following the offer, African Dune’s shareholding has increased to 41.94 percent of Dorbyl’s shares in issue.

Shares in Dorbyl were untraded at 70c on the JSE yesterday. – Nompumelelo Magwaza


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