Tiso Blackstar shares remain untraded after it delays special dividend
Tiso Blackstar’s share remained untraded on Tuesday morning, with only a wide spread between its bid and ask price showing a reaction to a statement released at 5.30pm on Monday that a special dividend of R40m promised in July 2017 had been delayed indefinitely. A buyer was willing to pay R4.66 per Tiso Blackstar share, which if accepted would cause the price to drop more than 30% from the R6.70 it last traded at. A seller was willing to accept R6, which would equate to a 10% drop from Monday’s closing price. The owner of BusinessLIVE said on Monday that the proposed buyback of its 22.9% holding of unlisted Kagiso Tiso Holdings (KTH), whose subsidiaries include radio stations Jacaranda FM and East Coast Radio, had been revised. In July 2017, Tiso Blackstar said it expected KTH to repurchase its shares for R1.5bn over an 18-month period. Monday’s statement said the parties had agreed to renegotiate these deals "due to adverse market conditions in the latter half of 2017, which result...
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