An overwhelming majority of Keaton Energy and Wescoal shareholders voted at meetings on Friday in favour of Wescoal’s R526.8m buyout of Keaton shares, despite a couple of dissenting voices. Wescoal made an offer in February to buy all the Keaton shares at 180c each for 120c in cash and the rest in Wescoal shares in the ratio of 0.3 of a Wescoal share for every one Keaton. Based on Keaton’s price of 145c a share and Wescoal’s of 251c on the last day before the offer was announced, the consideration represented a premium of 24.14%. Keaton peaked at R15.50 in May 2008 but has traded below 300c for the past three years, hitting a 31c nadir in late 2015. Before Keaton’s meeting, irrevocable undertakings to accept the offer were made by more than 77% of shareholders, mainly the Pouroulis family and Rutendo Holdings. Opportune Investments CEO Chris Logan asked Keaton chairman David Salter if shareholders were giving away a bit of value by accepting the offer. Cape Town-based shareholder Al...
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