TERMINATION CONFIRMED
Loss of Media24 contract weighs on Novus shares
Shares tumble to all-time low on the loss of Novus Holdings’ most valuable printing contract
A Sens statement confirming the termination of Novus Holdings’ single most valuable printing contract hit the company’s share price on Tuesday, taking it back towards the all-time low reached two weeks ago. Tuesday’s announcement coincides with the unbundling of Media24’s controlling stake in Novus as ordered by the Competition Commission. The statement represents a reversal of an announcement made in late April that the agreement between Novus and Media24 would not be terminated. That announcement followed a meeting with the JSE, which had been prompted by public criticism of Novus’ initial statement in January 2017 that the death of former CEO Lambert Retief had triggered Media24’s right to terminate the printing contract.
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