With Penta Publications under provisional liquidation, the future of its titles is uncertain, writes Jacquie Golding-Duffy
Perskor has been handed one of the Penta Publication titles as a guarantee for the money owing to it, says Perskor deputy managing director Piet Greyling.
De Kat, one of the most successful titles in the Penta stable, has been ceded to Perskor in lieu of the debt Penta owes it, he says.
Perskor printed the Penta magazines and is claiming a printing and publishing debt in the region of R3,3-million.
Kagiso Trust Investments, the financial arm of Kagiso, which has conducted talks with Perskor for a stake in its company, will “naturally have an interest in any new magazines acquired”, says Greyling.
Perskor and Primedia are both in the running for the Penta titles as the stable went into provisional liquidation last week.
Penta’s liabilities are around R20,7-million against assets of about R5-million.
Greyling says Perskor put in an initial offer to First National Bank, which was temporarily responsible for some of the Penta titles, but after it was declared “hopelessly insolvent”, Perskor placed an offer with the liquidator.
“I am merely protecting my own interests and it will be a case of wait-and-see, depending on what the liquidator comes up with,” he says.
Primedia Publishing managing director Sandra Gordon says if the deal makes “financial and strategic sense to the Primedia group”, then an offer for selective publications will be pursued.
Primedia’s interest in De Kat and Tribute is largely based on their good track record, brand credibility, circulation and advertising revenue.
Gordon says she is hesitant about Living Africa because it has recently changed its distribution pattern. It is now selling on news-stands, and it is believed that Living Africa will be distributed free of charge at selected hotels where it will be available as reading material for guests.
Penta’s managing director Nicholas Leonsins did not comment at the time of going to press, but was quoted last week as saying that liquidator Philip Reynolds was negotiating with three parties interested in Penta’s assets.
Independent Newspapers Gauteng managing director Deon du Plessis says the group is looking at the Penta publications, but no offer has yet been made. “It is one of a number of things we are looking at,” Du Plessis says.
The August issues of all the Penta magazines will be on the shelves, says one editor, and staffers are working until further notice.