Media news

Biz Takeouts


Tune into Biz Takeouts Radio Show on 2oceansvibe Radio today at 9am with show host Warren Harding (@bizWazza). In this week's show he speaks to Narayan Murthy, Director of Global Sales Strategy, Vserv (@Vserv ) about the IMC Conference(@IMCConference )

Listen to the live stream in:


Subscribe to industry newsletters


Press offices

Enquire about a press office
Bizcommunity has over 400 industry contributors and we always welcome further contributions and contributors.
Advertise with us
Advertise & RatesMy Account
Company press officeList company
Recruitment packagesSubmit job ad
Download ratecard
Media news

Times Media makes first move on JSE

21 Sep 2012 08:28
Times Media Group, the new holding company of media group Avusa, started trading on the JSE on Tuesday, closing at R13.50. Mvelaphanda Group fell 33.6% to R2.19 yesterday following the unbundling of its media assets into the new listing.
Times Media makes first move on JSEThe official listing of the Times Media Group shares is on Tuesday next week. However, shareholders who received shares after their unbundling from Mvelaphanda Group were allowed to start trading them.

Times Media Group, formerly known as Richtrau 229, is a subsidiary of Mvelaphanda Group.

In the deal, Avusa shareholders were offered R24 a share in cash or 1.47707 shares in Times Media Group for every one share in Avusa, or both options.

Avusa shareholders have been given until Friday to decide which offer to take. This makes it unclear how many shares will be allocated to the Avusa shareholders who are reinvesting in the newly listed Times Media Group.

Analysts said it was not clear why shareholders were trading as it is still uncertain how many shares they will receive in Times Media Group when the allocation is made next week.

The trading in the Times Media Group shares was not liquid, with the volume traded only 19,426. The shares opened at R11.50, trading up to R13.50 when the market closed.

The Mvelaphanda Group shares were dragged down because of the unbundling. In future, they will trade excluding the value from Avusa.

Following the unbundling, Mvelaphanda Group ordinary shareholders will receive 9.9891 Times Media Group ordinary shares for every 100 Mvelaphanda Group ordinary shares.

Ahead of its official listing on September 25, Times Media Group has so far appointed an all-male board of seven people compared to the 14 that Avusa had.

Two or three more people are expected to be appointed shortly, but the Times Media Group board is expected to be smaller than the one that was constituted for the now unlisted Avusa.

Those who served on the Avusa board and have retained board seats are Mikki Xayiya, Andrew Bonamour - seen as the main driver of the Avusa deal - Harish Mehta and Ravi Naidoo.

The major new appointment is Johannes (Hans) Hawinkels, who has a resource and mining background. Times Media Group had previously named William Marshall-Smith and Kuseni Dlamini as non-executive directors. Avusa chief financial officer Howard Benatar; Colin Cary, MD of Avusa Retail Solutions; and Mike Robertson, acting Avusa CEO, are not on the Times Media Group board.

Times Media Group is still in the process of recruiting an independent chairman.

Source: Business Day via I-Net Bridge


SOURCE

I-Net Bridge
For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.
Go to: http://www.inet.co.za
    
 
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.
Read more: Avusa, JSE, Times Media

News