Publications
Partners
HCI to top up on KWV
Documents from the Competition Tribunal hearings certainly suggest empowerment giant Hosken Consolidated Investments [JSE:HCI] (HCI) is going to make a play for the whole of unlisted liquor group KWV Holdings. Earlier this year HCI swallowed a 34,95% stake in KWV when PSG-owned agri-investor Zeder Investments [JSE:ZED] decided it was high time to take profits.
In approving the “merger” (ahem) between HCI and KWV with conditions, there was an observation about HCI intending to increase its interest in KWV.
Scratching further through tribunal documentation, TheSPECtacle found reference to HCI intending to acquire another 0,05% of KWV’s issued share capital “as a further step in its goal of attaining sole control of KWV”. This would mean HCI would own 35% of the issued share capital of KWV and trigger a mandatory offer to minority shareholders.
The tribunal documentation disclosed: “HCI further stated that by acquiring sole control of KWV it would be in the position to employ its skilled management team in turning around KWV’s underperforming business.”
Finweek’s recent cover story about KWV (‘Hic, hic…HCI’) mentioned a full takeout of KWV by HCI as a distinct possibility.
But TheSPECtacle wonders what’s happened to Halewood, which emerged as a rival bidder to Pioneer Foods in the chase for KWV late last year. TheSPECtacle has learnt from usually reliable sources in Cape Town that Halewood has withdrawn its hard-won right to access to KWV’s books (an order HCI intended contesting). Maybe Halewood – seeing the frightening aspect of HCI in determined mode – has given up the ghost?
Boschendal shovelled back to Randgold?
The fact that former mining house JCI has delayed publication of its financial statements isn’t that surprising. What is, however, is speculation about the reason for the delayed publication: namely, that JCI and IFA – the two largest shareholders in Franschhoek wine estate Boschendal – are in negotiations.
JCI’s stake is its biggest asset and any wheeling and dealing about Boschendal would have a meaningful impact on value.
Common sense might dictate JCI is considering selling its stake to IFA, which owns a few leisure property developments. Maybe not.
What TheSPECtacle is hearing is both JCI and IFA are negotiating the sale of their Boschendal stakes to Randgold & Exploration (once a corporate cousin of JCI in the greater Brett Kebble empire).
TheSPECtacle wonders whether Investec – which has some influence at both JCI and Randgold – is pulling some strings here?
Wiese strengthens grip on Tradehold
Seems quite a few minority shareholders (yours truly included) didn’t follow their rights at Tradehold [JSE:TDH] (a prudent decision, considering its share price now trades below the rights offer price). Perhaps there was just not enough juicy information in the rights offer circular to convince minorities that prime mover Christo Wiese has some inspired ideas about how to invest the substantial funds – R600m+ – raised. In any event, Wiese – underwriting the offer through Granadino – has increased his holding in Tradehold by almost 23m shares (or 21% of the rights issue).
The next few months should be interesting at Tradehold – especially seeing whether it’s committing to bargain hunting in the recovering British (and European) property sector, or whether its investment net will be cast wider to give it a diversified portfolio.
Grabbing the Boel
Very interesting, the appointment of former Reunert executives Boel Pretorius and James Verster as directors of vehicle-tracking specialist Digicore Holdings [JSE:DGC] (in which our favourite retail tycoon, of whom we’ve spoken in the entry above, is a major shareholder). While the vastly experienced Pretorius comes on board in a non-executive capacity, Verster – who has served Reunert in various capacities – assumes an executive role on Digicore’s technology side.
TheSPECtacle understands Verster ran Reunert’s radar division, which means he brings quite a bit of technical expertise to Digicore. TheSPECtacle also understands a third Reunert executive has been appointed at subsidiary level at Digicore.
These appointments might say a fair bit about Digicore’s product offering and prospects.
Documents from the Competition Tribunal hearings certainly suggest empowerment giant Hosken Consolidated Investments [JSE:HCI] (HCI) is going to make a play for the whole of unlisted liquor group KWV Holdings. Earlier this year HCI swallowed a 34,95% stake in KWV when PSG-owned agri-investor Zeder Investments [JSE:ZED] decided it was high time to take profits.
In approving the “merger” (ahem) between HCI and KWV with conditions, there was an observation about HCI intending to increase its interest in KWV.
Scratching further through tribunal documentation, TheSPECtacle found reference to HCI intending to acquire another 0,05% of KWV’s issued share capital “as a further step in its goal of attaining sole control of KWV”. This would mean HCI would own 35% of the issued share capital of KWV and trigger a mandatory offer to minority shareholders.
The tribunal documentation disclosed: “HCI further stated that by acquiring sole control of KWV it would be in the position to employ its skilled management team in turning around KWV’s underperforming business.”
Finweek’s recent cover story about KWV (‘Hic, hic…HCI’) mentioned a full takeout of KWV by HCI as a distinct possibility.
But TheSPECtacle wonders what’s happened to Halewood, which emerged as a rival bidder to Pioneer Foods in the chase for KWV late last year. TheSPECtacle has learnt from usually reliable sources in Cape Town that Halewood has withdrawn its hard-won right to access to KWV’s books (an order HCI intended contesting). Maybe Halewood – seeing the frightening aspect of HCI in determined mode – has given up the ghost?
Boschendal shovelled back to Randgold?
The fact that former mining house JCI has delayed publication of its financial statements isn’t that surprising. What is, however, is speculation about the reason for the delayed publication: namely, that JCI and IFA – the two largest shareholders in Franschhoek wine estate Boschendal – are in negotiations.
JCI’s stake is its biggest asset and any wheeling and dealing about Boschendal would have a meaningful impact on value.
Common sense might dictate JCI is considering selling its stake to IFA, which owns a few leisure property developments. Maybe not.
What TheSPECtacle is hearing is both JCI and IFA are negotiating the sale of their Boschendal stakes to Randgold & Exploration (once a corporate cousin of JCI in the greater Brett Kebble empire).
TheSPECtacle wonders whether Investec – which has some influence at both JCI and Randgold – is pulling some strings here?
Wiese strengthens grip on Tradehold
Seems quite a few minority shareholders (yours truly included) didn’t follow their rights at Tradehold [JSE:TDH] (a prudent decision, considering its share price now trades below the rights offer price). Perhaps there was just not enough juicy information in the rights offer circular to convince minorities that prime mover Christo Wiese has some inspired ideas about how to invest the substantial funds – R600m+ – raised. In any event, Wiese – underwriting the offer through Granadino – has increased his holding in Tradehold by almost 23m shares (or 21% of the rights issue).
The next few months should be interesting at Tradehold – especially seeing whether it’s committing to bargain hunting in the recovering British (and European) property sector, or whether its investment net will be cast wider to give it a diversified portfolio.
Grabbing the Boel
Very interesting, the appointment of former Reunert executives Boel Pretorius and James Verster as directors of vehicle-tracking specialist Digicore Holdings [JSE:DGC] (in which our favourite retail tycoon, of whom we’ve spoken in the entry above, is a major shareholder). While the vastly experienced Pretorius comes on board in a non-executive capacity, Verster – who has served Reunert in various capacities – assumes an executive role on Digicore’s technology side.
TheSPECtacle understands Verster ran Reunert’s radar division, which means he brings quite a bit of technical expertise to Digicore. TheSPECtacle also understands a third Reunert executive has been appointed at subsidiary level at Digicore.
These appointments might say a fair bit about Digicore’s product offering and prospects.
