The Kagiso consortium said on Tuesday it is still engaged in processes to secure certain of the media assets of New Africa Investments Limited (Nail).
The consortium is engaged in a tussle with rival bidders the Tiso consortium for Nail’s assets, with the latter looking at this stage to be the preferred bidder — having the support of Nail’s major shareholder, Phaphama, and already owning a substantial stake of Nail.
The Securities Regulation Panel will hear an appeal by the Kagiso Consortium on Monday and Tuesday next week against a ruling it made concerning the consortium’s offer for Nail’s assets.
The panel previously ruled that Phaphama could vote its shares at a general meeting of Nail shareholders to consider the offer.
The Kagiso consortium includes media groups Kagiso Media, Johnnic Communications and Caxton/CTP.
The consortium said on Tuesday that the outcome of the processes to secure some of the Nail media assets could have a material affect on their share prices and cautioned shareholders to exercise caution in their dealings. — I-Net Bridge