Agostini extends deadline for share swap acceptance

Prestige Holdings Ltd (PHL) shareholders, holding share certificates, have been given two more weeks to accept the offer by Agostini Ltd to acquire 100 per cent of PHL shares.

The offer, which was originally set to close on July 21, will remain open for acceptance till 4.00 pm on August 5.

In a release on July 21, Agostini Ltd said all costs associated with the depositing of these certificates, including statutory declarations and advertising costs for lost certificates, will be covered by Agostini.

It said payment of all shares validly tendered and not withdrawn by the new closing date will be made no later than ten days after August 5, if all the terms and conditions of the offer, as outlined in the circular, have been complied with or waived.

The voluntary share swap, announced on June 17, saw Agostini Ltd offering to acquire PHL shares at an exchange ratio of one Agostini share for every 4.8 PHL shares.

Over 100 shareholders of Agostini voted to move forward with the acquisition of PHL on July 9, with PHL's board advising shareholders to accept the offer, which will see them receiving a dividend of 50 cents.

PHL is the parent company of KFC, Subway, Pizza Hut, TGI Fridays and Starbucks franchises, while Agostini operates Presto, Superpharm, Mpharmacy, Acado and Aventa.