THERE might be an unexpected twist to a R1.15bn deal proposing the sale of liquor group KWV Holdings’ operating assets to Vasari Global, an international company aligned to consumer goods magnate Vivian Imerman.If a large number of minority shareholders attempt to exit KWV at a fair value price through an appraisal rights option, there is the possibility they could inadvertently scupper the proposed transaction.The circular outlining the proposed deal makes provision for dissenting KWV shareholders objecting to the Vasari bid to exercise appraisal rights. This effectively means KWV would have to buy back the unlisted shares of dissenting shareholders at fair value.The fair value figure would be considerably higher than the 500c-600c range that KWV shares traded in on the company’s over-the-counter platform before the offer by Vasari was tabled.The inferred value figure for KVW is R19.81 a share — based on the R16.91 a share offer by Vasari for KWV’s operating assets and the 300c a s...
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