Annual costs of more than R3m were key considerations behind the move to delist Moneyweb, which, with a market capitalisation of R26m, is one of the JSE’s smallest companies. Moneyweb chairman Paul Jenkins said it did not make sense for Moneyweb to be listed given the costs and the low level of trading in the shares. The annual costs, which represent more than 10% of the company’s market capitalisation and about 17% of its annual turnover, include a board of directors, auditor fees, annual reports and JSE fees. The media group, launched in 1997, was listed by its founder Alec Hogg in 1999. Hogg, who owned 12% of Moneyweb at the time he resigned from the company in 2012, no longer owns any shares. On Thursday, he said he had no comment on the proposed transaction. In July, shareholders will get an opportunity to vote on African Media Entertainment’s (AME’s) offer to acquire 100% of their shares. On Monday Caxton, which holds 50.72% of Moneyweb, announced it would accept AME’s offer. ...
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