Dannex Limited entered into a sale of shares agreement to acquire 53.47% stake in Ayrton Drugs Manufacturing Company Ltd. (GHSE:AYRTN) from Adcock Ingram Holdings Limited (JSE:AIP) on August 25, 2016. The sale of shares agreement is subject to a number of conditions precedent, including, inter alia, an exemption from undertaking a Mandatory Takeover Offer under the Securities and Exchange Commission (SEC) Code on Takeovers and Mergers. Dannex has made an application to the SEC for an exemption from undertaking a Mandatory Takeover Offer.

In the event that a waiver is not granted, Dannex would, prior to the approval of the SEC, make a mandatory offer to other shareholders of Ayrton to purchase their shares pursuant to the Code on Takeovers & Mergers. UMB Stockbrokers Limited act as transaction broker to Dannex Limited. Kimathi Kenyehia, Sarpong Odame, Augustine Kidsil of Kimathi & Partners act as legal advisors to Dannex.

First Atlantic Brokers acted as financial advisor for Adcock.