MINER and crocodile farmer, Padenga Holdings Limited (Padenga) has announced that it will list slightly over 253 million new ordinary shares to acquire the remaining 49,9% stake in mining concern, Dallaglio Investments (Private) Limited (Dallaglio).
Padenga had initially acquired a 50,1% stake in Dallaglio in 2019, as part of its strategy to diversify its operations beyond crocodile skin production.
This was done through a US$19,9 million capital injection.
“Padenga shareholders are advised that the Victoria Falls Stock Exchange (VFEX) has granted approval to Padenga for the listing and allotment of an additional amount of 253 003 361 new Padenga ordinary shares, in order to acquire the remaining 49,9% of the issued shares in Dallaglio by way of a share swop,” Pandenga said in a statement yesterday.
Padenga is listed on the VFEX.
“Padenga identified the gold mining sector as attractive from a long-term perspective, particularly in respect of the historic world-wide demand for gold and the capacity for gold mining to produce foreign currency,” the firm said.
“The aforementioned acquisition by Padenga of the 50,1 % equity shareholding in Dallaglio, and a subsequent substantial investment by Padenga into improving the operations of Dallaglio, led to Padenga achieving a significant growth in its operating profits driven mainly by the Dallaglio gold mining business.”
Consequently, Padenga’s board decided that a further investment in Dallaglio was required.
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“Padenga sought the acquisition of the remaining 49.9% shareholding in Dallaglio,” Padenga said.
“Arising from this a Padenga extraordinary general meeting (EGM) was convened on August 16, 2023 to seek shareholder approval for Padenga to acquire the remaining 49,9% shareholding in Dallaglio.”
At the EGM, Padenga shareholders passed resolutions to allow the firm to acquire the remaining 49,9% shareholding in Dallaglio.
“A special resolution approved the increase of Padenga’s authorised shares from 800 000 000 ordinary shares to 1 400 000 000 ordinary shares in order to allow for the issue of new Padenga shares to be used for a share swop for the remaining 49,9% shareholding in Dallaglio,” the firm said.
“An ordinary resolution approved the issue and allotment of 253 003 361 ordinary shares in Padenga to the Dallaglio minorities or their nominees, (constituting 46,04% of the issued and outstanding shares of Padenga).”
