Your stake in a company may be small, but when it comes to big decisions, every vote counts – yours too.
torre has announced a potential delisting from the JSE by way of “a scheme of arrangement” in order (according to the company) to improve its BEE credentials.
But even after the news of a potential delisting, the share traded at about half the latest reported net asset value (NAV) of 182c for December 2017 at the time of writing. The price was also only modestly above 52-week lows.
This has generated a flurry of questions about whether this delisting is legal, and what minority shareholders can do about the delisting of a stock they own.
On the legal aspect: yes, it is legal – as long as the appropriate laws and regulations are complied with. And there is no reason to suspect Torre won’t follow the rules. In fact, any attempt to breach the rules would certainly see the delisting scuppered.
Another important point is that Torre says shareholders will have the option of taking cash or continuing to hold shares in the unlisted company.
This story is from the 2 August 2018 edition of Finweek English.
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This story is from the 2 August 2018 edition of Finweek English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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