A LARGE empowerment shareholder at debt-laden cellular services group Cell C is looking to disrupt a much-needed recapitalisation exercise initiated by JSE-listed Blue Label Telecoms.CellSAf, which holds an effective 25% stake in Cell C, has filed an application in the Gauteng High Court to liquidate 3C Telecommunications, the holding company for Cell C.The application does not affect Cell C operationally, but there would be implications for any recapitalisation of the company, since 3C’s only asset is its holding in Cell C.Blue Label did not comment on developments, referring media enquiries to Cell C.The liquidation application comes after CellSAf was seemingly not consulted on the Blue Label recapitalisation deal.Consequent nonparticipation in the funding exercise will see the empowerment company’s equity stake diluted to 9%.CellSAf is also disputing the deal on the basis that an MOI (memorandum of incorporation) stipulates that the support of 86% of Cell C’s shareholders is need...
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