MARC HASENFUSS: Bad Tyme for ARC’s shareholders as delisting sparks concerns
Will minority shareholders miss out on Tyme Bank’s potential growth due to ARC’s delisting plan?
I thought my Tuesday morning couldn’t get any worse after having to top up my coffee with almond milk. But things continued to sour when the first Sens announcement of the day detailed a proposed delisting of the sizeable empowerment venture African Rainbow Capital Investments (ARC), which has a market value of more than R13bn.
It was not a totally surprising development. There had been mutterings — brought on by the persistently large discount to NAV — about rethinking the listing in the recent past. Still, if the scheme goes through, the JSE will lose another black-controlled investment vehicle — following in the footsteps of New Africa Investments Ltd, Real Africa Investments, Mvelaphanda Group, Makalani, Cape Empowerment Trust and African Equity Empowerment Investments. It’s really only Hosken Consolidated Investments and Brimstone Investment Corp flying the flag these days...
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