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May 25 2012 13:58
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May 25 2012 11:36
The JSE has identified and stopped "incorrect" trades from one of its members, and will reverse the trades and lower the session's total value after the close.
Cape Town - The South Gauteng High Court has dismissed with costs an application by direct retailing specialist Verimark to buy out minority shareholders and delist the company from the JSE.
The judgement was confirmed by a senior employee at Verimark on Friday morning.
The development is surprising, with Verimark's share price suggesting in the past fortnight that the scheme would obtain court approval.
The plan involved the Van Straaten Family Trust - an entity linked to founder and CEO Mike van Straaten - offering minorities a 50c per share offer.
While the buyout offer represented a sizeable premium to the market price, a handful of shareholders (most notably Brait and rival retailer Homemark) opposed the scheme.
Van Straaten was not immediately available for comment. The scheme was controversial since Van Straaten, the majority shareholder in the company, opted to vote the shares under his control at the scheme meeting.
- Fin24.com