SHAREHOLDER BASE
Appeal against restructuring of Distell dismissed
The Takeover Special Committee has dismissed an appeal by shareholder activist Albie Cilliers of Remgro’s restructuring of liquor group Distell. The decision means the restructuring of Distell’s convoluted shareholder base, which has been on the cards for several years, is now finalised. On Monday Basil Mashabane, legal counsel for the Takeover Regulation Panel, informed Cilliers’s lawyer of the decision and said that Cilliers would be liable for the costs of the panel. Mashabane said the reasons for the decision would be released on Friday. In November 2017, Cilliers lodged an unprecedented challenge to the Takeover Regulation Panel’s decision to grant Remgro a waiver from its obligation to make a mandatory offer to Distell shareholders. The obligation stemmed from the fact that the Distell restructuring resulted in Remgro becoming the sole controlling shareholder. Remgro emerged as the controlling shareholder after a series of transactions in which the previous cumbersome control ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.