FRIDAY, 11.30AM:
INVESTMENT Bank SBC Warburg has refused to publicly disclose the number of Sentrachem shares it has bought recently, after the SA Press Association lost two copies of an announcement to that effect last week.
SBC Warburg is advising US-based Dow Chemical Company on its proposed R2-billion buy-out of troubled local chemicals giant Sentrachem.
In terms of the code of the Securities and Regulations Panel, SBC on Thursday disclosed to the panel and the Johannesburg Stock Exchange that it had purchased Sentrachem shares. It was also required to make a public disclosure, which it did through the accepted channel of the SA Press Association, which mislaid both notifications it received.
It is believed SBC Warburg recently purchased between 2,3-million and 3-million Sentrachem shares. The shares may become an issue if Dow’s proposed takeover of Sentrachem is contested by minorities. In terms of the Companies Act Dow may not vote on its own shares on its offer for Sentrachem. If SBC Warburg is deemed by a court to have acted as a nominee for Dow, its shares will be excluded from the vote.