SMALL minority shareholders on the JSE were dealt another blow on Thursday when the majority shareholders of Masonite pushed through a deal that will end its 60-year history as a listed company.The small shareholders are particularly incensed that the majority shareholders and creditors have accepted an offer they say is significantly inferior to a last-minute binding offer made by Sappi early this week.They believe Masonite’s fate was sealed last December when the board decided to put it into business rescue. It was evident at the time that the controlling shareholder was keen to offload the business, which was struggling but was far from insolvent. The majority shareholder Canadian-listed Masonite International Corporation (MIC) was unwilling to support a plan to use the company’s extensive forestry assets as security for additional funding. Fearing it could be accused of reckless trading, the board opted for business rescue on December 22.The Sappi offer was pitched at R44 a shar...
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