Blackstar will repurchase as much as a 13.2 percent stake to reduce the discount to net asset value its shares trade at, the company said in a regulatory filing today. The Luxembourg- based investment company offered as much as 1.9 billion rand ($230 million) in cash and stock for Mvelaphanda on Dec. 8.
“While it is naturally disappointing not to be proceeding with the proposed acquisitions, Blackstar’s management is committed to seeking new opportunities that will continue to enhance value for Blackstar shareholders,” it said.
The company secured support from Mvela Group’s largest shareholder, Mvelaphanda Holdings Ltd., which owns 20 percent, it said.
Mvela Group’s biggest assets are a 3 percent stake in Absa Group Ltd. (ASA), Barclays Plc’s South African bank, and a 21.3 percent stake in Avusa Ltd. (AVU), the South African media company that has a joint venture with the Financial Times and publishes the nation’s largest weekend broadsheet newspaper.
Blackstar Executive Chairman Andrew Bonamour didn’t immediately respond to a message left on his mobile phone today.
To contact the reporter on this story: Stephen Gunnion in Johannesburg at
Article source:-http://www.bloomberg.com/news/2011-12-20/blackstar-to-abandon-mvelaphanda-purchase-buy-back-shares-1-.html
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