ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
69. De-listing and conversion to private company
Edition: 2023-12-15 · In force
69. De-listing and conversion to private company
If, after a share buy-back, the listed company that buys back its shares proposes to de-list its shares from the securities exchange or the company is converted to a private company—(a)the directors of the listed company and any person acting in concert with the directors shall not be considered to be independent and shall not be entitled to vote at the meeting of shareholders convened to approve the share buyback proposal; and(b)the share buyback proposal shall require to be approved by—(i)at least seventy-five per cent of the votes attached to the shares owned by independent shareholders that are cast, whether in person or by proxy, at a duly convened general meeting; and(ii)the number of votes cast against the resolution shall not be more than ten per cent of the votes attached to the shares owned by independent shareholders.