More Savings Bank shares for sale |04 August 2012

The communiqué noted that a total 240,000 shares at a face value of R100 were offered to the bank’s account holders in the first round of sale in 2011. Only 140,724 of the 240,000 shares were subscribed, thus leaving a balance of 99,276 shares. These remaining shares will now be offered to account holders of the bank once again with the removal of certain restrictions which had been the main reason for under-subscription.

The restriction of a maximum number of only 250 shares per account holder will this time not apply and hence an account holder may bid for any number of shares during the second round of sale. Even joint account holders may apply in all names on the account as against the previous restriction of applying in one of the names only, according to the Seychelles Savings Bank communiqué.

It adds that the minimum reserve price will be R100 per share, which is the face value of each share, but any account holder is allowed to bid for a higher amount per share. A specific time frame will be provided during which bidders will tender bids. After the deadline, bids will be awarded with the highest bidder given preference.

Full details of the sale mechanism will be provided in a separate ‘Offer for Sale Document’ which will be made available at a later date.

Meanwhile, the first annual general meeting of the Seychelles Savings Bank will be held on Tuesday August 7, 2012 during which the bank will make its own announcement separately.