Huge Group forced to take down Adapt IT attack videos
Huge Group has taken down two videos from its website in which it implored Adapt IT shareholders to accept its offer to buy the software services group in an all-share deal.
This is after the Takeover Regulation Panel (TRP), which regulates mergers and acquisitions in South Africa, objected to the videos Huge Group published online.
“Huge has been notified by the TRP that the videos constitute ‘announcements’, in respect of which approval from the TRP ought to have been sought prior to publication. Accordingly, Huge has removed the videos from its website and retracts the statements they contain,” Huge Group said in a statement to shareholders on Thursday afternoon.
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Cautionary announcement fuels speculation that embattled property counter could be delisted and âtaken privateâ. 10:28
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Zunaid Moti, a Joburg car dealership tycoon, is currently the biggest single shareholder in Rebosis Property Fund. Image: Moneyweb
Rebosis Property Fund â the debt-burdened real estate investment trust (Reit) with a sector-high loan-to-value ratio (LTV) of over 75% – saw its share price surge 34.78% on Wednesday, on news of a possible rescue deal being negotiated with unnamed local and foreign investors.
The stock closed at R0.31 per share, which amounted to a gain of just 8 cents per share on the day as it is now regarded as a micro-cap, with a market capitalisation of around R161 million.
Apr 8, 2021
Canadian software group, Volaris, has entered the Adapt IT fray making an offer to acquire more than 50% of the issued ordinary shares of Adapt IT for a cash consideration of 650 cents per share.
The cash consideration represents a premium of 56,9% to the 30-day volume weighted average traded price of Adapt IT shares on the JSE of 414 cents, as at 26 January 2021, being the last trading date prior to the date on which the general offer by Huge Group Limited (“Huge Group”) to Adapt IT shareholders was announced.
The offer will be made by Volaris Group Inc or its wholly-owned subsidiary (“Volaris”), a Canadian software company. Volaris is a subsidiary of Toronto listed Constellation Software Inc. (TSX:CSU).
Acquisition target Adapt IT delivers solid interim results techcentral.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from techcentral.co.za Daily Mail and Mail on Sunday newspapers.
Call for panel to probe possible Bell share transaction
By Edward West
Share
Bell Equipment minority shareholder Shipyard Capital Management and Glacier Pass Management have asked the Takeover Regulatory Panel (TRP) to probe the possible purchase of 31.37 percent of Bell s shares by family-owned company IA Bell, which already owns 38.7 percent of the company.
Richards Bay-based Bell is a heavyequipment manufacturer and distributor, and is a leading international maker of articulated trucks used extensively in mining operations.
On September 7, Bell said the shares in the company owned by US multinational John Deere Construction & Forestry Company (31.37 percent) were being acquired by IA Bell.