Albie Cilliers steps up battle over KWV shares amid Vasari sale
KWV dissenting shareholder Albie Cilliers is expecting La Concorde Holdings to respond to him by Friday, clarifying additional concerns he has raised in a supplementary affidavit filed with the High Court in Cape Town at the end of May. Two days after Cilliers filed the 600-page document, La Concorde Holdings – the unlisted investment company that held KWV – declared a 100c per share dividend. This is the first payout since KWV’s 34c per share dividend in 2010. Cilliers will not receive the dividend because of the appraisal action he launched in November 2016. Missing out on the dividend adds to the rising costs being incurred by Cilliers as he fights to get what he considers an appropriate payout for his KWV shares. The sale to Vasari, which was flagged 12 months ago, was finalised in October 2016. Cilliers was unhappy about the transaction and decided to exercise his appraisal rights. This enables him to force La Concorde to buy back his KWV shares at fair value. Cilliers rejected...
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