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Times Media makes first move on JSE
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.
The 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
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