INVESTMENT: Zeder Makes Offer To Capespan Minorities
Recent Western Cape Business News
Zeder Investments, the listed investment company focusing on the agricultural sector, yesterday announced its firm intention to make a cash offer of 225 cents per share to minority shareholders in Capespan.
The offer of 225 cents per share is a premium of:
29,5% to the 30 day volume weighted average traded price of Capespan shares
57,6% to the 90 day volume weighted average traded price of Capespan shares
66,9% to the 180 day volume weighted average traded price of Capespan shares
The offer to Capespan minorities amounts in total to R486 million. Zeder currently holds an effective interest of 27,7% in Capespan.
Capespan, based in Bellville, is one of the country’s leading marketers and exporters of fruit with 54 million cartons from more than 1 300 producers being delivered to 34 countries world-wide. This includes 30 global retailers.
Zeder CEO, Antonie Jacobs, said given the environment in which Capespan’s fruit division operates and the dramatic changes that has taken place, the company had to endure some pressure in the last few years.
“This represents both challenges and opportunities to which Capespan will have to adapt in order to sustain growth. This is not without risk, and finance and patience will be required.
“It was clear that Capespan needed a strong shareholder to support the company and to help it to grow further. As a long-term investor, Zeder is ideally suited for this.
“Zeder has no immediate intention to change the composition of the Capespan board. Future acquisitions and opportunities for growth will be considered as and when it presents itself,” Jacobs said.
Capespan shareholders will receive a detailed circular regarding the offer in order to enable them to make a decision whether to accept the offer.
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