Overwhelming support from Kagiso Media Limited Shareholders for Kagiso Tiso Holdings Buyout07 November 2013
At a special general meeting held today, shareholders of Kagiso Media Limited (“KML”) voted overwhelmingly in favour of the buyout of their shares in the company by Kagiso Tiso Holdings (“KTH”). This follows KTH’s announcement on 10 September of its intention to purchase the remaining 48.9% shares of KML that it does not already own.
Of the eligible voters, 94.89% voted in favour of the transaction. CEO of Kagiso Tiso Holdings Vuyisa Nkonyeni commented: “The board and management of KTH are pleased with the outcome of vote. We are confident that our investment philosophy is sound and that this transaction contributes positively to the transformation of a key sector of the economy. Full control of KML gives KTH the ability to align KML’s strategic direction with our own operational strategy. Implementation of the Scheme is still subject to the fulfillment of certain conditions precedent and it is envisaged that these will be fulfilled on or about 21 November 2013.”
The acquisition of the remaining shares in KML is in line with KTH’s investment mandate as it grows its investment portfolio in identified key sectors, including media. The investment holding company has already disposed of some of its non-core assets to streamline this portfolio and focus on assets in strategic industries in which it has experience and expertise.
Once all statutory approvals are obtained, and in line with its strategy to ensure that businesses it controls are unlisted, KTH looks to delist KML from the JSE on or around 10 December 2013.