Mmegi Online :: Experts back Wilderness deal ahead of vote
Banners
Banners
Banners
Banners
Last Updated
Wednesday 24 April 2019, 15:38 pm.
Banners
Experts back Wilderness deal ahead of vote

Independent consultants engaged to study the offer Wilderness Holdings has made to its shareholders in order to delist the tourism group, have given the P546 million deal their blessing.
By Mbongeni Mguni Fri 12 Apr 2019, 13:13 pm (GMT +2)
Mmegi Online :: Experts back Wilderness deal ahead of vote








Wilderness Holdings is the target of a bid to take it private, led by its long-time director and CEO, Keith Vincent in partnership with US private equity asset managers.

Already, the Botswana-born pan-African group’s other major shareholders have endorsed the deal, as have board members holding equity. The upcoming key vote by shareholders on May 10 is expected to be a fait accompli, as Vincent and his partners already have irrevocable commitments of support from other major shareholders, giving them an easy path over the target required to approve the delisting.

Should the P6.25 per share deal be accepted by investors holding at least 90% of the targeted shares, Vincent and his partners have the right to compulsorily acquire all of the targeted shares in line with the Companies Act.

Independent experts contracted by an ad hoc independent Wilderness board established for the transaction, gave the proposed offer the thumbs-up in a recent report.

BDO, a corporate finance advisory, said its study had indicated a fair value of P6.06 for the shares, compared to the P6.25 Wilderness is offering in the deal.

BDO analysts examined parameters such as Wilderness’

Banners

own profit forecasts, exchange rates and prevailing market and industry conditions as well as various risks, in producing its opinion on the fairness and reasonableness of the offer on the table.

“Based on and subject to the conditions set out herein, BDO Corporate Finance is of the opinion that the terms and conditions of the offer are fair insofar as shareholders of the issuer are concerned,” the firm’s experts wrote.

In a joint circular to shareholders this week, Wilderness and African Wilderness Holdings – the Vincent-led acquirers, said the offer was being made to help investors realise value, as the tourism group’s shares were largely illiquid on both the Botswana and Johannesburg stock exchanges.

Both parties said between February 1 and March 15, 2019, 43,000 and 180 Wilderness shares traded on the JSE and BSE respectively.

“Given the limited liquidity of the shares on both the BSE and the JSE, African Wilderness Holdings has concluded that an offer is the only way to provide any ability for shareholders to sell, and for AWH to purchase shares in an efficient manner or period,” the circular reads.

Subscribe to our Newsletter
Banners
Banners
Banners


Business
Fri 12 Apr 2019, 18:00 pm
Fri 12 Apr 2019, 13:17 pm
Fri 12 Apr 2019, 13:13 pm
Fri 12 Apr 2019, 13:13 pm
Fri 12 Apr 2019, 12:58 pm
Mon 08 Apr 2019, 13:49 pm
Fri 05 Apr 2019, 18:00 pm
Fri 05 Apr 2019, 12:41 pm
Fri 05 Apr 2019, 12:34 pm
Fri 05 Apr 2019, 12:32 pm
Tue 02 Apr 2019, 16:04 pm
Fri 29 Mar 2019, 18:00 pm
Fri 29 Mar 2019, 14:27 pm
Fri 29 Mar 2019, 14:24 pm
Fri 29 Mar 2019, 14:23 pm
Fri 29 Mar 2019, 14:22 pm
Fri 22 Mar 2019, 18:00 pm
Fri 22 Mar 2019, 13:00 pm
Fri 22 Mar 2019, 12:54 pm
Fri 22 Mar 2019, 12:52 pm
Tue 19 Mar 2019, 17:14 pm
Mon 18 Mar 2019, 17:11 pm
Fri 15 Mar 2019, 18:00 pm
Fri 15 Mar 2019, 13:46 pm
Fri 15 Mar 2019, 13:44 pm
Banners
Banners
Subscribe to our Newsletter
have a story? Send us a Tip
Banners
  • Previous
    Avengers: Endgame
    Next
    Masa Centre
    ::: Tuesday 23 Apr - Thursday 02 May :::
    Avengers: Endgame
    The Queen's Corgi
    Little
  • Previous
    Little
    Next
    Riverwalk
    ::: Tuesday 23 Apr - Thursday 02 May :::
    Little
    The Queen's Corgi
    Avengers: Endgame
  • Previous
    The Queen
    Next
    Gamecity
    ::: Tuesday 23 Apr - Thursday 02 May :::
    The Queen's Corgi
    Little
    Avengers: Endgame
Selefu
Alliance Of Progressives Manifesto Launch
Banners
Banners