SEC extends Adam’s mandatory offer owing to Senthilverl’s competitive bid

The Securities and Exchange Commission (SEC) has allowed Adam Investment Ltd. to extend its mandatory offer on Orient Garments PLC (OGL) following the competitive bid by shareholder Director Dr. T. Senthilverl.
Adam Investments made its original mandatory offer of Rs. 8 per share on OGL on 17 December 2013.

The company announced that it has received regulatory approval to extend the given offer period beyond the stipulated period of 60 days due to the competitive mandatory offer announcement made by Dr. T Senthilverl to the market on 11 February 2014, until the mandatory offer of Dr. Senthilverl to the remaining shareholders of OGL closes. Senthilverl’s offer will be at Rs. 8.50 per share following his purchase of 15.3% stake on Monday increasing the overall holding to 37.9%.
Since Adam has not received more than 50% of the voting rights of OGL, the offer is not unconditional as to acceptance in terms of Rule 19 of the Takeovers and Mergers Code.
It was further stated that a shareholder who has accepted the offer shall be entitled to withdraw his acceptance in any case after 12 February 2014.
The closing date of the offer will be announced to the market in due course.
The original mandatory offer was extended previously by 14 days from 22 January due to the delay of OGL in forwarding the views and advice of Board and the Independent Advisor’s Report.