ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
76. Exit offer in de listing
Edition: 2023-12-15 · In force
76. Exit offer in de listing
If an issuer seeks to delist its securities from a securities exchange—(a)the issuer shall make an exit offer to the issuer's minority shareholders and holders of any other classes of listed securities to be de listed to ensure that investors who purchased and held securities on the basis of the listing are not prejudiced by being compelled to hold unlisted securities which shall—(i)be fair and reasonable; and(ii)include a cash alternative as the default alternative; and(b)the issuer shall appoint an independent transaction advisor to advise on the exit offer and the advisor shall give an opinion on whether or not the exit offer is fair and reasonable.