Naspers is asking Investec to withdraw an analyst report that it says contains errors and has damaged Africa’s biggest company by market value and its shareholders. In a January 22 report, Investec analysts said the Cape Town-based media and technology business should be valued at a discount to its assets, Meloy Horn, head of investor relations at Naspers, said in an e-mailed response to questions about the note. One of the reasons given by Investec is a likely dilution of shareholder value due to the issue of planned stock, which she says is based on inaccurate calculations. "While we believe that everyone is entitled to their views, the Investec report on Naspers contains factual inaccuracies and misleading information," Horn said. "The report is causing us and shareholders significant damage. We will therefore be writing to Investec and formally ask them to withdraw the report and correct these matters." Investec declined to comment. The Johannesburg-based lender’s hold rating is...
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