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SHAREHOLDER’S UNANIMOUSLY REJECT HCI’S OFFER – NAFHOLD

Johannesburg – Nafcoc Investment Holdings (Nafhold) did not have to provide a responding circular to the takeover bid by Hosken Consolidated Investments (HCI) because the unsolicited R750 million offer would not be accepted by any of its shareholders, Nafhold announced yesterday. In a statement issued on Sens, the JSE news service, Nafhold said the Securities Regulation Panel had informed the company that, in these circumstances, it would serve no purpose to comply with the regulator’s code on responding circulars. Nafhold, the investment arm of the National African Federated Chamber of Commerce and Industry (Nafcoc), also lifted its cautionary on dealing in its shares, which was issued on November 23. Michael Leaf, Nafhold’s chief executive, was not available for comment. HCI chief executive Johnny Copelyn said he could not comment on the statement as he had not seen it, but the Nafhold announcement has made it almost inevitable that HCI will increase its offer. The HCI takeover bid is aimed at securing Nafhold’s 25 percent stake in Tsogo Sun Investment Holdings (TIH), the jewel in Nafhold’s investment crown because of its 51 percent stake in Tsogo Sun.

Source: Business Report – Wiseman Khuzwayo