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HCI APPLIES FOR MONTAUK’S SEPARATE LISTING ON JSE

19 Nov Uncategorized

Hosken Consolidated Investments (HCI), an investment holding firm listed on the JSE, on Wednesday said it had made an application for the separate listing of Montauk Holdings on the JSE.

HCI, which recently experienced a boardroom brawl which forced executive chairman, Marcel Golding, to resign, on Tuesday also said it will unbundle all of the Montauk Holdings shares held by its shareholders.

HCI, the holding company of Montauk Holdings, believes that the unbundling best serves the interests of HCI shareholders and will enhance shareholders’ value through improving the public profile of, and providing additional information regarding, Montauk Holdings.

“The board believes that Montauk Holdings has the operational and financial capacity to pursue its envisioned growth strategy independently of HCI. It also believes the listing provides Montauk Holdings with the opportunity to raise additional capital to facilitate future expansion, if required,” it said.

“The listing is further intended to provide HCI shareholders with the flexibility to maintain, increase or decrease their investment in Montauk Holdings…In addition, the unbundling and listing is intended to provide HCI shareholders with the opportunity to obtain direct exposure to the landfill gas sector…The board believes that Montauk Holdings will offer HCI shareholders attractive growth prospects over the medium to long term,” it added.

Source: Ventures – Mzwandile Jacks