Chartered Capital & Investment Ltd ("Manager to the Offer") on behalf of Mr Yogesh M Kothari ("Acquirer") & Mr Suneet Y Kothari, Ms Nini Y Kothari, M/s YMK Trading & Consultancy Pvt Ltd, M/s SYK Trading & Consultancy Pvt Ltd, M/s Anjyko Investment Pvt Ltd, M/s Niyoko Trading & Consultancy Pvt Ltd ("Persons Acting in Concert") has issued this Corrigendum to the Public Announcement to the shareholders of Alkyl Amines Chemicals Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated April 21, 2008, pursuant to Regulation 11(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 (Regulations) and subsequent amendments thereto read with SEBI letter dated June 02, 2008.
The Shareholders of the Target Company are requested to note the following material amendments with respect to Public Announcement.
1. Background to the Offer:
The Offer was initially made under Regulation 11(2) of the SEBI (SAST) Regulations, 1997. However it has been modified and now offer is being made under Regulation 11(1) of the Regulations i.e. for consolidation of the holdings of the acquirer in the Target Company.
2. Justification of Offer Price:
Offer price had been calculated in the Public Announcement with date of PA as reference date. Minimum offer price with PA as reference date was Rs 98.70 and therefore Offer Price was fixed at Rs 100 per share in terms of Regulation 20(4) of SEBI (SAST) Regulations, 1997. However, in terms of explanation (ii) to regulation 20(11), the offer price has been re-calculated with date of Board Meeting (October 31, 2006) which authorized the preferential allotment of Preference Shares to the acquirer as the reference date. Minimum offer price with October 31, 2006 as reference date comes to Rs 75. However, Offer Price has been kept unchanged at Rs 100 per share in terms of Regulation 20(4) of SEBI (SAST) Regulations, 1997.
3. Price Payable for the Shares to be accepted in the Offer & Financial arrangements:
There has been a delay of 12 days in making the Public Announcement for which SEBI has asked us to pay interest @10% p.a. on the offer price of Rs 100 per share which amounts to 33 paise and has been added to original offer price of Rs 100.00 per share making the "total consolidated price" to be paid for the equity shares tendered to Rs 100.33 per share. Consequential changes in the funds required will also be made as the total funds required will increase from Rs 20,39,64,000 to Rs 20,46,37,082 due to the interest portion.
4. Revised Activity Schedule
A revised Schedule of some of the major activities in respect of the offer is given below:
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Activity Original Schedule Revised Schedule
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Specified Date May 16, 2008 May 16, 2008
Date of Opening of the Offer June 13, 2008 June 18, 2008
Date of Closing of the Offer July 02, 2008 July 07, 2008
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All other terms and conditions of the offer remain unchanged. |