Astoria the prize in this battle
Mauritian-based structure is seen as the real gem as RAC announces its stake through Livingstone Investments
In an unlikely turn of events, Astoria, a globally focused investment company launched and managed by listed asset manager Anchor, is under siege. Astoria is a passive investment company with portfolio holdings in global stocks including Facebook, Apple, Home Depot, Starbucks and JPMorgan Chase & Co, along with private equity ventures and a strategic holding in East European property group Echo Polska. At face value there seems little strategic incentive for a market player to build up an influential stake in Astoria — save to take advantage of the discount the share price offers on the underlying portfolio. But RECM & Calibre* (RAC), an investment company headed by asset managers Piet Viljoen and Jan van Niekerk, last week confirmed a 28.56% stake in Astoria via subsidiary Livingstone Investments. Van Niekerk says no further comment can be added at this point as RAC is in the process of shareholder engagement. The deal is not your typical RAC transaction. Since listing in 2010 RAC ...
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