COURT PAPERS
Think carefully, Jooste told dissenting Lodestone investor
Mayfair is trying to sell Lodestone but the founders of its three underlying companies are in court to stop the sale
Markus Jooste told a business connection who is opposing a deal intended to save the former Steinhoff boss’s investment company to "think very careful [about] what you are trying to do", court papers show. Jooste’s Mayfair Holdings is trying to sell Lodestone Brands — through a mechanism that would force Lodestone’s minority shareholders to also offload their shares — to help it repay bank loans backed by now-collapsed Steinhoff shares. However, the founders of Lodestone’s three underlying companies, who are also minority shareholders of Lodestone, have gone to court to stop Mayfair and Standard Bank, the appointed investment bank, going through with the sale. In papers filed in the High Court in Johannesburg in March, they said they had been intentionally excluded from the process and did not want to be forced to cut ties with the companies they founded — particularly ahead of an expected positive revaluation of Lodestone in 2022. In a February WhatsApp message, attached to the cou...
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