Enduring empowerment company Brimstone Investment Corporation has confirmed the sale of R387m worth of shares in food brands conglomerate Tiger Brands. Brimstone, which has a market capitalisation of about R3.2bn, was a participant in Tiger’s empowerment scheme. Its decision to sell was not entirely unexpected. The company detailed arrangements late in 2017 for a forward sale of 600,000 shares at R374.80 a share for the first quarter of 2018. According to a Sens announcement, Brimstone’s wholly owned subsidiary, Brim Tiger SPV, disposed of about 1.81-million Tiger shares in three separate transactions. In terms of the original black economic empowerment (BEE) deal, Tiger was entitled to repurchase a certain number of the shares held by the Brimstone SPV after lock-in period expired at the end of 2017. In this arrangement, Tiger repurchased 861,257 Tiger shares from the Brimstone SPV at 740c a share, or R6.4m. In a second tranche, the Brimstone SPV sold 352,356 Tiger shares on the op...

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