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Form 49 - Notice to Non-Assenting Shareholders

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2
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Document Overview

Form 49 is a statutory notice issued under Section 612(1) of the Companies Act, 2015 (Kenya).
It is used during a takeover or compulsory acquisition process when an offeror (the person/company making the takeover offer) has acquired enough shares of a company but some shareholders have not accepted the takeover offer (“non-assenting shareholders”).

Purpose of Form 49
1. To give notice – It formally informs shareholders who did not accept the takeover offer that their shares are subject to compulsory acquisition.
2. To state terms of acquisition – It sets out the takeover terms, including price per share and other consideration.
3. To provide choice (if applicable) – If the takeover offer includes multiple forms of consideration (e.g., cash or shares), the shareholder can choose within 6 weeks.
4. To protect shareholder rights – It informs the non-assenting shareholders of their right under Section 618 to apply to court within 6 weeks to challenge the acquisition or seek different terms.
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