KWV: Minorities’ true-value worries
Shareholders are concerned about Niveus’s intentions around the cash, property and art from KWV’s asset sale to Vasari
It didn’t last long. Just six months after KWV’s operating assets were sold to Vivian Imerman’s Vasari group, hostilities have broken out again between management and some of the minority shareholders. Leading the charge once more on behalf of the long-suffering shareholders of renamed La Concorde is activist Chris Logan. Logan and other minority shareholders are becoming increasingly anxious about what Niveus, which holds 57% of La Concorde, might be planning for the approximately R1.15bn cash from the sale to Vasari. In addition, there are some very attractive property and art assets — so attractive they are probably close to cash. Apart from its stake in La Concorde, Niveus’s operations are focused on gaming through Vukani, which operates limited-payout machines, and Galaxy, which has licensed bingo centres. It is part of Johnny Copelyn’s Hosken Consolidated Investments empire, which is no slouch when it comes to buying, selling and rearranging assets. It might be this very tende...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.