Control Instruments’ shareholders approve Torre scheme - CNBC Africa

Control Instruments’ shareholders approve Torre scheme

Southern Africa

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Control Instruments Group sells brake pads, brake disks and other automotive products. PHOTO: Getty Images

A joint announcement released on 6 March 2014 by Control Instruments Group and [DATA TOR:Torre Industrial Holdings Limited] indicated a firm intention by Torre to acquire up to 100 per cent of the total issued shares in Control Instrument.

This was expected to be done by way of a scheme of arrangement or an offer by and at the election of Torre to the Control Instruments shareholders, to acquire the offer shares.

“Shareholders are hereby advised that, at the general meeting of Control Instruments shareholders held on 7 April 2014, the special resolution to approve the scheme and the ordinary resolution in connection with the scheme were passed by the requisite majority of shareholders,” [DATA CNL:Control Instruments Group Limited] and Torre Industrial said in a joint statement.  

(READ MORE: Industrial action contributes to CI’s drop in sales)

“Shareholders are further advised that no Control Instruments shareholders voted against the special resolution to approve the scheme.”

The implementation of the scheme remains subject to the receipt of approval from the South African Competition Authorities, a receipt of unconditional approval from the Takeover Regulation Panel and the counterparties to all material contracts consenting to the change of control.

“Once all the conditions precedent to the scheme have been fulfilled or waived, in whole or in part, as the case may be, a further announcement regarding the relevant dates for the implementation of the scheme will be made,” the companies said.