DEPENDING on what happens at next week’s meeting of Sovereign Foods’ shareholders, another R120,000 may have to be dished out for an independent expert’s "fair and reasonable" (F&R) stamp of approval. If so, it will be the fourth F&R to be conducted on the company within nine months. Surely, a record for a JSE-listed company.If sufficient Sovereign shareholders block the proposed scheme, which will create a control bloc held by black economic empowerment shareholders and management, then shareholders will get an opportunity to consider the offer from Country Bird Holdings (CBH). In which case it is likely yet another F&R will have to be conducted on CBH’s R9 per share offer.The first F&R was issued in the end-November circular released by Sovereign, dealing with the 850c planned repurchase. This came up with an indicative valuation range of 794c-858c, and a core value of 825c.Almost three months later, a second F&R exercise came up with an indicative valuation range of 684c–755c and...
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