Good luck trading once we leave JSE, Howden tells minorities
The industrial holding company intends to proceed with its JSE exit despite 16% of minority shareholders refusing its R44 per share offer
Those Howden Africa shareholders who refuse its R44 per share offer to buy itself off the JSE can remain shareholders in the unlisted company, the investment holding company said in a statement on Wednesday morning. At a shareholder meeting on December 12, a group of minority shareholders representing 15.86% of the votes cast said no to Howden’s offer. Dissenting shareholders include Standard Bank Nominees, JR Nominees, and Invesco Canadian Small Companies Fund. Howden said that since more than half of minority shareholders accepted its offer, it will proceed with its exit from the JSE on February 26, paying those shareholders who accepted their R44 per share. It does not, however, have sufficient support from minority investors to force the dissenting shareholders to sell. “Eligible shareholders who do not accept the general offer will remain shareholders in the unlisted company, with the tradeability of their Howden Africa shares being limited,” Wednesday’s statement said. In term...
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