LETTER: What is the value of EL Bateman?
After 69 years on the JSE, the company is set to delist from the local bourse but without an audit
On September 15, shareholders of 129-year-old EL Bateman will be asked to approve its delisting from the JSE after 69 years, and minorities offered R2 a share. But even without 90% acceptance at this meeting, the resolution passed in May 2020 to authorise the sale of unissued shares could enable any dissenting minorities to be eliminated next time.
Apex Partners, headed by Charles Pettit, founder of Torre Industrial, recently acquired 19.6% of the shares at about R8 a share, and has in effect secured control of the company. Apex has an irrevocable voting agreement with Visio Fund Management, Laurium Capital, The Capital Incubator and, surprisingly, Tanjo One, so perhaps there is a pot of gold somewhere...
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