CPC has listed an additional 937,247,936 ordinary shares, following the conversion of an outstanding debt of US$14,087,120.50 owed to Ghana Cocoa Board.
At the last annual general meeting of CPC held on March 29, 2011, shareholders approved the conversion of an outstanding debt of US$14,087,120.50 owed to Ghana Cocoa Board. The debt was converted at an agreed exchange rate of US$1 = GH¢1.65 giving equivalent of GH¢23,243,748.83. The CPC share price used in the transaction was GH¢0.0248 being the twenty six (26) weeks average price between June 6 and December 5, 2011. By the rate and price, 937,247,936 new ordinary shares of CPC were issued to Ghana Cocoa Board (Cocobod).
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SHAREHOLDING
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EXISTING
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CONVERSION
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STRUCTURE
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HOLDINGS
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%
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HOLDINGS
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%
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|
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Govt. of Ghana
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532,554,100
|
48.38
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532,554,100
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26.13
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|
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Ghana Cocoa Board
|
239,351,240
|
21.74
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1,176,599,176
|
57.73
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|
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SSNIT
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206,754,000
|
18.78
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206,754,000
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10.15
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|
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Others
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122,166,900
|
11.10
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122,166,900
|
5.99
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|
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Total
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1,100,826,240
|
100
|
2,038,074,176
|
100
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The table above depicts the shareholding structure before and after the debt conversion. Cocobod after the conversion own more than 30% of CPC. That percentage is the mandatory take-over threshold under the Exchange’s Listing Rules. Cocobod has indicated its intention not to take over CPC because it will amount to a reversal of the divestiture of CPC in 2002 from Cocobod to the public via the Government of Ghana.
Issued in Accra, this 9th
day of January, 2012.