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Diamond Miner Trans Hex Faces Takeover Bid
Aug 8, 2016 9:07 AM
By Rapaport News
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RAPAPORT... A consortium has made a mandatory cash offer to acquire
Trans Hex Group, a diamond miner based in Cape Town.
Cream Magenta 140 Proprietary, Metcap 14 Proprietary Limited
and RAC Investment Holdings Proprietary Limited joined hands to buy the shares
in Trans Hex that they do not already own. The trio currently holds 72.28
percent of the miner’s issued share capital, Trans Hex said in a statement to
the Johannesburg Stock Exchange August 8.
The offer came after Cream Magenta and Metcap collectively
acquired 47 percent of Trans Hex shares.
The consortium to buy the miner was formed by South African
billionaire and retail tycoon Christo Wiese together with Regarding Capital
Management, local newspaper Business Day reported, citing an anonymous
person who had attended the annual general meeting Friday. The offer could be
between $0.28 (ZAR 3.90) and $0.29 (ZAR 3.94) per share, the report said.
Trading in Trans Hex’s shares was halted Friday pending a
“detailed” announcement.
Trans Hex’s revenue fell
29 percent and the miner swung to a loss in the fiscal year to March 31 as
diamond prices slumped, the company reported in June.
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Tags:
and RAC Investment Holdings Proprietary Limited, Angola, Christo Wiese, Johannesburg Stock Exchange, M&A, mergers and acquisitions, Rapaport News, Regarding Capital Management, South Africa, Trans Hex, Trans Hex Group
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