Novus Holdings is making a bid to accumulate JSE-listed expertise group Mustek, which has been listed on the native bourse since 1997.
Novus – a listed printing and packaging agency – on Friday revealed it has purchased greater than 35% of the IT firm’s fairness, requiring it below South African regulation to make a compulsory supply to different shareholders.
Novus, which is led by CEO Andre van der Veen, confirmed it is going to now proceed to make a compulsory supply to different Mustek shareholders. It would supply them:
- A money consideration of R13/share (beneath the closing worth on Thursday of R13.67/share); or
- A money quantity of R7/share plus one odd share in Novus for every Mustek share held; or
- Two Novus shares for every Mustek share tendered.
Typically, approaches similar to this one end result within the goal agency being delisted. However Mustek CEO Hein Engelbrecht, who has indicated he received’t promote his shares, instructed TechCentral by cellphone on Friday that the intention is for the corporate to stay listed on the JSE.
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Already, Engelbrecht, Mustek MD Neels Coetzee and the DK Belief – a belief created by late Mustek founder David Kan – have mentioned they won’t settle for the obligatory supply from Novus as they want to stay invested. Collectively they maintain 11.7 million Mustek shares, or 20.3% of the full.
Engelbrecht mentioned he can’t touch upon whether or not different shareholders ought to settle for the Novus supply, saying the Mustek board should appoint an unbiased professional to find out whether or not the supply is honest earlier than making a advice to shareholders.
Novus mentioned it has delivered an “irrevocable unconditional assure” issued by Investec in favour of Mustek shareholders within the quantity of as much as R335-million to help the deliberate acquisition.
Engelbrecht, Coetzee and Mustek finance director Shabana Aboo Baker Ebrahim are performing in live performance with Novus and help the transaction. Engelbrecht mentioned the deal will introduce a steady controlling shareholding to the enterprise. – © 2024 NewsCentral Media
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