Stay on board or take the money and run? Shareholders who need to make that decision aren’t getting much help from the circulars issued by fashion retailer Rex Trueform (Rextru) and pyramid holding company African & Overseas (AFO). Details of their mandatory offers are frustratingly scant.In April a consortium headed by existing shareholder (and former asset manager) Hugh Roberts and former Hosken Consolidated Investments chairman Marcel Golding bought a large shareholding in Rextru and AFO from empowerment company Brimstone.The deal triggered a mandatory offer to shareholders, though it didn’t result in a change of control (thanks to the Shub family having sewn up the necessary influence via a low-voting N-share structure and the archaic pyramid structure).Both Roberts and Golding are low-key operators, and don’t readily engage with the media. Rextru and AFO also prefer to fly beneath the market’s radar. Consequently the emergence of a new investment consortium (and departure of a ...
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