Why La Concorde is a gift to investors
La Concorde still offers no clarity on the fate of the balance of the cash proceeds generated from the sale of KWV assets
La Concorde Holdings – the unlisted investment company which last year sold off liquor group KWV’s operating assets for R1.18bn – has proposed a 100c per share distribution to shareholders. In year to end-March results published this week, La Concorde declared a 50c per share ordinary dividend and a 50c per share special payout. La Concorde’s largest shareholder is investment giant Hosken Consolidated Investments via listed subsidiary Niveus. While the dividend was welcomed by minority shareholders, La Concorde still offers no clarity on the fate of the balance of the cash proceeds generated from the sale of KWV assets. He stressed that the controlling shareholder (Hosken Consolidated Investments/Niveus) had indicated a preference for the company’s resources to be retained and utilised to make other investments rather than returned to shareholders. "The operating cost to manage the company is low and cost of the contract with Niveus for the executive management of the company, is le...
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