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Cape Town - A sizeable book-over trade in the shares of Top Fix Holdings on Monday suggests that Paladin Capital has bumped up its stake in the specialist scaffolding business.
PSG-controlled Paladin Capital, which listed on the JSE recently, has already accumulated an 18% stake in Top Fix over the last year.
Market watchers suggested that Monday's book-over of about 8.7 million shares - equivalent to nearly 4% of Top Fix's issued shares - was "almost certainly" attributable to Paladin. The deal was struck at 61c.
This would push Paladin's stake in Top Fix to 22%, and allow the investment company to equity account Top Fix's earnings.
Paladin's push for a bigger stake in Top Fix would be understandable after the company announced major new contracts at the end of October.
These contracts - worth about R100m - involve supplying scaffolding to Richards Bay Minerals for a three-year period starting in the 2010 financial year.
- Fin24.com