Doubt has been cast on whether the circular distributed by JSE-listed Bell Equipment on a proposed R762.5 million scheme to buy out most minority shareholders fully complies with the legal requirements of the Companies Act.
The offer price of R53 per share to minority shareholders, which is just below Bell Equipment's net asset value (NAV), has been described as "snoep" and not a gift.
This is despite the offer price to shareholders by IA Bell and Company Proprietary Limited (IAB), an investment holding company owned by representatives of the founding family and affiliates of Bell Equipment, being at a premium of 82.3% to the 30-day volume-weighted average traded price of Bell Equipment shares on the JSE of R31, as at Thursday, 11 July.
This story is from the August 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
US blamed for expo row
Analysts warn exclusion could have dire consequences for SA down the line.
4900 visas for critical skills jobs
South Africa has a list of almost 150 jobs considered by the department of employment and labour (DEL) to be in short supply.
Nsfas to decentralise
Department welcomes move, plans to set up regional, satellite offices.
Lawsuits cost health billions
Investigations stop R3 billion in fraudulent claims, parliament hears.
City face Inter reunion
Manchester City are braced for their Champions League reunion with Inter Milan at the start of an expanded tournament that will be \"so tough\" for the 2023 winners.
League Cup no inconvenience
Manchester United manager Erik ten Hag insisted he still believed English football's League Cup remained a \"significant\" competition.
State of rates in Africa
Africa’s largest economies to make changes for first time in years.
RAF not about to 'implode'
»» Improvements not sustainable without legislative changes, says Letsoalo.
Can Superbalist grow?
Shein overtakes the SA retailer, while Bash is different kind of threat.
Crochet gets sex appeal
100% cotton yarn garments do not loose shape ina cold wash.