The Capespan Group is aiming to simplify its shareholding structure and give all shareholders a direct holding in the group.
A statement from the group said that it recognised there are shareholders who have not been able to realise their investments in the past and so it has decided to offer them an opportunity to do so. Conditional upon the successful completion of the shareholding restructuring, Capespan Group, together with one of its subsidiaries, has made an offer to repurchase up to 25 per cent of the issued share capital of the Capespan Group at R1.25 (8p) per share.
Neil Oosthuizen, the group’s managing director, announced that the Capespan board viewed simplification of the group’s existing direct and indirect shareholding structure as a strategic imperative.
He said: “It will allow the unlocking of shareholder value and increase share tradeability in the group. Furthermore, the trading restrictions of Unifruco shares will be removed. Reducing administrative and other costs associated with the former three-tiered shareholding structure is of course a big plus factor. We also hope to further improve corporate governance.”
Shareholder meetings will take place in late January to vote and approve the shareholding restructuring.
