The Malta Independent 17 October 2019, Thursday

GO evaluating ‘a number’ of non-binding offers to sell its entire share capital

Sunday, 14 February 2016, 08:00 Last update: about 5 years ago

Home-grown telecommunications company GO is currently evaluating “a number” of non-binding offers it has received since it announced its intention, last October, to sell its entire share capital.

The Malta Stock Exchange listed company said in an announcement on Friday that it has now received a number of non-binding offers, which it is currently in the process of evaluating.

It added that in the coming weeks the company will “proceed to grant all selected bidders access to information placed in the data room in accordance with the authorisation granted by the shareholders of the Company at the Extraordinary General Meeting held in October last year.”

On 29 October 2015, the company had announced at an Extraordinary General Meeting that the shareholders had authorised the Board of Directors of the Company to seek bids from bona fide bidders for the company’s entire issued share capital, and to take all steps as may be necessary or expedient to seek such bids.

Addressing shareholders during the meeting, GO Chairman Deepak Padmanabhan said the move comes following Emirates International Telecommunications Malta Limited announcement last July that it will be disposing of its 60 per cent shareholding in GO.

Mr Padmanabhan said the company wants to give all shareholders the opportunity to sell their shares together with GO’s majority shareholder Emirates.

The board of directors, he said, is committed to obtaining the best possible price for shareholders from prospective bidders.

GO’s Chief Financial Officer Edmund Brincat added at the time that: “The best interests of shareholders will be kept in mind, we want to get the best possible price for the company’s shares.”

He explained to shareholders that as part of the process and under strict non-disclosure obligations, certain “non-public” information will be given to potential buyers. GO will provide all shareholders with the option to sell their shares at the best possible price, he said.

Mr Brincat had said that the expected time-frame for concluding the process would be approximately six months.

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