Newshelf 1005 (Proprietary) Limited made an offer to acquire an additional 3.12% stake in Andulela Investment Holdings Limited (JSE:AND) from a group of shareholders for ZAR 8.2 million on February 10, 2020. Under the terms of the offer, Newshelf will pay ZAR 3 per share to acquire the remaining 2.7 million share that it or the its related parties does not already own. Newshelf along with its related parties own 96.88% stake in Andulela. The Offeror received irrevocable undertakings from Andulela Shareholders, who at the date of the Firm own 1.5 million shares of Andulela. The Offeror has provided the takeover regulation panel with the necessary confirmation from Ulrich Roux and Associates Incorporated that sufficient cash is held in favour of Eligible Shareholders for the sole purpose of discharging the Scheme Consideration. The transaction is subject to the approval by the shareholders of Andulela and the receipt of all approvals, consents or waivers from those South African regulatory authorities. For the Scheme to become operative, at least 75% of Shareholders need to vote in favour. There is a provision of standby tender offer as well that could be chosen as the way for acquiring shares. In the event that the Standby Offer is implemented and is accepted by Eligible Shareholders holding at least 90% (ninety percent) of the Offer Shares, the Offeror may, at its election, invoke the provisions of section 124 of the Companies Act, to compulsorily acquire all the Offer Shares held by the Remaining Shareholders. The board of Andulela recommends the transaction to the its shareholders. As on April 21, 2020, the scheme was approved by the shareholders of Andulela. The independent Board constituted as required by the Companies Regulations, represented by Messrs MJ Husain, BW Smith, PE du Preez and NMS Hadjee. The scheme is expected to be effective on May 18, 2020. Merchantec Proprietary Limited will act as independent expert for Andulela. Bridge Capital Group Limited acted as financial advisor and Chris Boulle Incorporated acted as legal advisor to Andulela. Bridge Capital Advisors Proprietary Limited received ZAR 0.85 million as fees in its role of financial advisor and sponsor for Andulela. Chris Boulle received ZAR 0.15 million as fees in its role of legal advisor for Andulela. Merchantec Capital Proprietary Limited received ZAR 0.2 million as fees in its role of independent expert for Andulela.