Financial Market Council Announces Launch of Simplified Public Offer to Acquire SITS Shares
In a statement published yesterday after the market closing bell, the Financial Market Council (CMF) announced that it has been approached with a request to launch a simplified public offer to acquire (OPA) 2,336,815 shares of SITS, representing 14.98% of the company's capital.
The initiator of this project is Partner Investment SAR, acting in concert with Founders Capital Partners, which together hold 85.02% of the capital of the said company. The trading of SITS shares will be suspended from October 2, 2024.
The publication of this statement indicates that the CMF has accepted the use of this procedure, in accordance with the law. The simplified OPA is possible when the initiator of the offer holds, directly or indirectly, at least two-thirds of the capital or voting rights of the target company. The duration of this procedure can be limited to 10 trading days, but requires prior approval from the regulator.
Regarding the price, it cannot be lower, unless agreed by the CMF, than the price determined by the calculation of the weighted average of the stock prices for the 60 trading days preceding the publication of the notice of the project, when possible. If we apply this rule, it gives us a minimum price of 1,890 TND per share.
It's worth noting that SITS, unlike other listed real estate companies, has been able to resist and the last five years have been profitable. It focuses on high-end real estate in the best areas of the capital. Its last decided project is located in La Soukade, with a 5-story complex and shops for a total area of 5,442 m².
On the market, the stock has a performance of 11.76% since the beginning of the year. It is not particularly liquid, and its current capital structure reflects a low float and therefore low reactivity to various market events. This increases the chance of success for those who want to recover liquidity and seek other investment opportunities.
