Business

Sekunjalo now makes offer for Premier Fishing’s minority shareholders

Sekunjalo Investment Holdings, the firm founded and chaired by Iqbal Survé, will now make the offer to buy out minority shareholders of JSE-listed Premier Fishing and Brands, replacing African Equity Empowerment Investments (AEEI), a company Sekunjalo controls.

In December, AEEI announced it intended to offer R1.60 per share to the minority shareholders, who collectively hold 6.14% of Premier, representing a more than 60% premium to group’s shares before the offer was made.

Sekunjalo holds 3.57% of Premier, and the Takeover Regulation Panel has approved its substitution as the offeror, it said in a statement on Friday. A shareholder circular is expected in early April, while the scheme meeting is expected to be held on 5 May, it said. AEEI has 56.23% of Premier, and Sekunjalo investee 3 Laws Capital has 34.06%.

The Premier board is of the opinion that the current listing no longer benefits the group, due to the illiquidity and low free float of its shares, as well as the substantial administrative costs associated with, and the corporate burden of management time being spent on its listing, it said.

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