London-headquartered Vodafone on Thursday purchased 1,03% in VenFin’s issued share capital for R213,9-million in open-market transactions, the cellular giant disclosed to the JSE on Friday.
Vodafone acquired 4,6-million VenFin shares in 18 deals for amounts ranging from R44,75 to R46,60 per share. The United Kingdom firm seeks to buy out the entire VenFin portfolio for R21-billion, after which it would dispose of all other assets for R5-billion.
VenFin’s asset base includes interests in FrontRange and e.tv.
The deal will result in Vodafone increasing its stake in Vodacom from 35% to 50% for R16-billion and it will see the Rupert family-controlled VenFin being delisted from the JSE.
Telkom owns the remaining 50% in Vodacom.
Vodafone also announced that it has received irrevocable undertakings to accept the proposed offer from shareholders holding 192,9-million shares — VenFin representing 43,4% of the economic interest and 25,2% of the voting interest of the Rupert family-controlled investments company.
At 12.13pm on Friday, VenFin was trading down 20 cents or 0,43% at R46,80 per share after reaching an all-time high of R47,02 per share on Thursday on the Vodafone news. — I-Net Bridge