Major changes are on the cards if investment group RECM and Calibre (RAC) can take control of offshore-focused entity Astoria – most notably a change to the investment mandate. RAC, which already holds a 28.72% stake in Mauritius-based Astoria, has pitched a cash offer of R13.50 a share as well as a top-up scrip offer of REC preference shares at R27.77 a share. The offer, particularly the scrip portion, has been criticised by some Astoria shareholders. At the RAC annual general meeting on Wednesday, CEO Piet Viljoen said the main aim was to acquire about 51% of Astoria. "We don’t want all the shares. We also don’t want to issue new RAC shares at R27.77 a share … only if we have to."
Viljoen maintained that both Astoria and RAC shareholders stood to benefit. "Beyond the commercial benefits, after acquisition of the desired shareholding Astoria can pursue investments in good businesses, with good management, purchased at good prices. These investments could generate returns as g...
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