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Alpine offers to buy out rest of Cullinan
The offer, for up to R38m, will result in Cullinan’s delisting from the JSE
Cullinan Holdings’s largest shareholder had offered to buy the 2% stake that it did not already own, the travel and tourism group said on Friday. The offer, for up to R38m, would result in Cullinan’s delisting from the JSE. Alpine Asset Management – a subsidiary of The Travel Corporation, which is the ultimate holding company of Cullinan – made the offer to Cullinan’s board more than a week ago. Alpine owns 98% of Cullinan, which also has marine and boating interests as well as financial services offerings. "The recent purchase of large shareholdings in the company by Alpine has seen its interest in the company rising to 98%, which effectively removes the reason for maintaining a listing on the JSE. "In addition, the limited tradability of Cullinan shares acts as a disincentive for employees owning Cullinan shares or options to acquire Cullinan shares," the company said. Alpine therefore considered that maintaining Cullinan’s listing "is of little value". The board deemed the offer ...
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