SHAREHOLDERS in unlisted liquor group KWV Holdings will not taste a rich special dividend anytime soon.At a meeting on Friday, shareholders approved proposals to sell KWV’s operating assets to international businessman Vivian Imerman’s Vasari group for R1.15bn.Former stockbroker Greg Blank, shareholder activist Chris Logan and former KWV CEO Thys Loubser were some of the shareholders who congratulated the executives on a good deal.Blank noted: "You negotiated very well … I think you guys extricated full value (for the operating assets)."But KWV directors made it clear it would be some time before any decision was made on deploying the transaction proceeds, which involve a staggered settlement over three years.If the Vasari deal is concluded, KWV will hold a net asset value of about R20 per share, which will be underpinned by R17 per share in cash.Shareholders at the meeting were keen to know how KWV — which is controlled by Hosken Consolidated Investments (HCI) subsidiary Niveus — w...
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