FIMBank plc – Result of the Joint Voluntary Bid

FIMBank plc announced that 115 shareholders holding 30.36% of the total issued share capital of the company have accepted the Joint Voluntary Bid launched on the December 9, 2013 by Burgan Bank S.A.K. (“Burgan”) and United Gulf Bank’s (“UGB”) (together, the “Offerors”) and, as a result of such acceptances, the aggregate shareholding of the Offerors has reached 80.14% of the total issued share capital of FIMBank. The Offerors have informed FIMBank that the shareholding of Burgan shall remain 35,000,000 shares representing 19.53% of all issued shares while UGB’s shareholding will increase to 108,614.962 shares representing 60.61% of all issued shares in FIMBank. 

FIMBank has also been informed that the transfer of the shares from each of the accepting shareholders to the Offerors will take place on  January 28, 2014. 

Burgan and UGB have also informed FIMBank that they shall seek to maintain the Listing Status and will propose that FIMBank will request the necessary derogation required from the Listing Authority to maintain FIMBank’s Listing Status as a result of the fact that the proportion of shares in the hands of the public has fallen below twenty-five percent (25%) of the total issued share capital. 

The Board of Directors of FIMBank will be meeting shortly to discuss the Listing Status of the Bank. 

To view the official company announcement, click here.