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Furnmart postpones delisting

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DELISTING: Furnmart

Retail furniture company, Furnmart, has delayed its exit from the stock market to next month to allow shareholders to finalize all necessary procedures.

The company announced today (Monday), that it will not delist from Botswana Stock Exchange Limited (BSEL) tomorrow on the 29th of January as initially scheduled, but will instead carry out that process on the 20th of February, 2019.

Since the company made an announcement that it intends to exit the stock, mainly due to new listing rules that came into effect beginning of this month, it has been on a share-buy-back mission.

This followed an Extraordinary General Meeting (EGM) held in December where delisting was top of the agenda.

Majority of the shareholders had at the EGM endorsed the decision of the company to delist, and Furnmart made an offer of P0.65 per share in cash to buy back those shares from other shareholders.

However, this week Furnmart announced that 338 (92 percent) of those who responded accepted the offer with only 31 (8 percent) rejecting it.

Those who have accepted the offer have been urged to open securities accounts for settlement.