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Call for KWV board to step down
KWV's minority shareholders continue to resist the firm R12-a-share takeover offer from Pioneer Food, with one of them yesterday, 31 January 2011, calling for the resignation of KWV's board members, including businessman Jannie Mouton.
KWV chairman Thys du Toit, board member Antonie Jacobs, Mouton and Fran du Plessis, chairman of a subcommittee assessing Pioneer's bid, should resign "as they are not looking after the interests of KWV or the minority shareholders", Cape Town-based investor Werner Voigt wrote in an e-mail to Du Toit.
Du Toit wrote back, saying all board members were re-elected at the company's annual meeting in October. "Shareholders exercised this right and subsequently all the directors were re-elected," he said.
Minority shareholders such as Voigt say Pioneer Food's R12 offer undervalues the company, which has a net asset value of more than R18. Former KWV chairman Danie de Wet also opposes the deal.
Pioneer may also face competition for the company. Privately owned UK drinks company Halewood International in December said it was also interested in buying KWV.
Another minority shareholder, Chris Logan, says KWV has not fully accounted for the value of assets such as its properties and art collection.
The company said it had fairly valued its assets. "(Audit firm) KPMG has completed an independent evaluation of the company and its financial position, following the offer by Pioneer Foods.
"This evaluation has taken all shareholder concerns into account, and will be published as part of a circular to shareholders in the next few weeks, together with a recommendation from KWV's board," spokeswoman Hymli Krige said.
Source: Business Day
Source: I-Net Bridge
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