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Cape Town - Clover Industries Limited - a dairy company with roots going back to 1898 when a group of farmers around Mooi River established Natal Creamery - is planning to list on the JSE in mid-December.
The company is expected to announce its prospectus and the listing date on Monday.
Clover CEO Johann Vorster said that in contrast to the bad feelings that often accompany the conversion of an agricultural cooperative into a listed company, at Clover the process had run smoothly and more than 99% of the shareholders had supported the step.
He ascribed this to the fact that the concept of the change had been explained to shareholders step by step over a period of six years, and that no one had been left in the dark.
The last step before listing took place in May when the ordinary shares had been unbundled from delivery contracts, and voting rights and economic benefits had become vested in ordinary shares.
Together with the listing of its ordinary shares on the JSE, Clover also envisaged raising capital for expansion through the private placement of shares to select shareholders.
Vorster said the proceeds of the Clover shares placement would be used mainly for funding the envisaged Cielo Blu project, which would eliminate historical inefficiencies that had arisen in the supply chain over time.
The objectives included the establishment of production facilities close to milk producers to reduce distribution costs and other expenses, and enable the expansion of key production and distribution centres for current and future growth.
Vorster said the company's current facilities were fully utilised and there was no capacity for expansion.
The company is expected to announce its prospectus and the listing date on Monday.
Clover CEO Johann Vorster said that in contrast to the bad feelings that often accompany the conversion of an agricultural cooperative into a listed company, at Clover the process had run smoothly and more than 99% of the shareholders had supported the step.
He ascribed this to the fact that the concept of the change had been explained to shareholders step by step over a period of six years, and that no one had been left in the dark.
The last step before listing took place in May when the ordinary shares had been unbundled from delivery contracts, and voting rights and economic benefits had become vested in ordinary shares.
Together with the listing of its ordinary shares on the JSE, Clover also envisaged raising capital for expansion through the private placement of shares to select shareholders.
Vorster said the proceeds of the Clover shares placement would be used mainly for funding the envisaged Cielo Blu project, which would eliminate historical inefficiencies that had arisen in the supply chain over time.
The objectives included the establishment of production facilities close to milk producers to reduce distribution costs and other expenses, and enable the expansion of key production and distribution centres for current and future growth.
Vorster said the company's current facilities were fully utilised and there was no capacity for expansion.
