Mvela delays documents on proposed acquisition
Mvelaphanda Group has delayed posting the documents relating to its proposed takeover of media group Avusa until next Wednesday, 18 July 2012.
In a joint-statement on Tuesday‚ Mvela and Avusa said due to the complex structure of the transaction‚ the JSE‚ Takeover Regulation Panel and Companies and Intellectual Property Commission review process is proving to be more time-consuming than initially anticipated.
The required documents include a scheme of arrangement circular to be sent to Avusa shareholders for approval‚ a prospectus and pre-listing statement for Richtrau in relation to its listing‚ and a category 1 circular to be sent to Mvela Group shareholders to approve the acquisition.