It looks as though Sovereign Foods will go out on a high note. Shareholders attending Monday’s meeting voted overwhelmingly in favour of the two resolutions needed to implement the Capitalworks offer and delist the share. More than 90% of shareholders attended the meeting and all of them voted in support of the first resolution.The second resolution, which related to the proposed termination of the listing, was not as popular. A little more than 34% of shareholders abstained from the vote and 54% of shareholders voted in support, so the share’s set to exit the JSE mid-way through November. Given the figures involved it’s safe to assume that Country Bird Holdings (CBH), which acquired 34% in 2016, was behind the abstainers. CBH did indicate it would accept the R12 a share offer from Capitalworks as it was unhappy about remaining as a significant shareholder in an unlisted entity. This means CBH is set to make a reasonably easy R3 a share profit (before expenses) on its bid for Sovere...
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