Mayfair Holdings in battle with minority shareholders from Lodestone

Mayfair Holdings, the private investment company of former Steinhoff International chief executive Markus Jooste, is under fire as the company tries to sell Lodestone Brands to “repay defaulted debt”.

According to Bloomberg, minority shareholders from Lodestone – a company that sells beverage, confectionery and baby care products – are trying to prevent Mayfair Holdings from auctioning off the company. Lodestone is well-known for their brands including Rascals, Fusion and Cuddlers.

READ MORE: Steinhoff’s ex-CEO could make a tidy penny after deal with banks

The co-founders of Lodestone believe that Mayfair’s decision to auction off the company would “jeopardise” its future, Bloomberg reported. They have offered to buy out Mayfair, and Standard Bank has even designated in an affidavit that there are “24 potential buyers and investors” for Lodestone.

Contrarily, Jooste’s son-in-law Stefan Potgieter has said that Mayfair’s stake in Lodestone would be lower if it was sold rather than auctioned. According to Bloomberg, Potgieter said, “A competitive process would result in the highest possible sale price for all investors, regardless of who is successful.”

Mayfair Holdings decision comes as the company is challenged to “dispose of assets” in order to repay debt amounting R959-million to banks by the end of the year, according to Bloomberg. Overall, the company has R1.4-billion that they are able to dispose of.

Jooste stepped down amid an investigation into accounting fraud which saw the share price in Steinhoff dropped dramatically.

After departing from Steinhoff in December, Jooste soon left his position at Mayfair, leaving Potgieter on the board. Potgieter is leading the break-up of the company, according to Bloomberg.

READ MORE: Steinhoff dances to zombie drums

As Steinhoff struggles to make-up the €10.4-billion and Mayfair approaches its payback deadline, Jooste has “been referred to a South African anti-corruption police unit”.

Advertisting

South Africa could use a communist party

The SACP is not building socialism, or even social democracy. Sadly, it has become just another party advancing the politics of patronage

OUTvest ‘fires shots’ at the industry

New offering has all the retirement annuity features, but charges rock-bottom fees

Treasury is still seeking SAA funds

The government has committed an additional R2-billion to the airline, but has yet to pay it out

‘There were no marks on his neck’, Neil Aggett inquest...

The trade unionist’s partner at the time he was detained at John Vorster Square says she now believes his death was not a suicide
Advertising

Press Releases

MiX Telematics enhances in-vehicle video camera solution

The company has launched the gold MiX Vision Bureau Service, which includes driver-coaching tools to ensure risky driver behaviour can be addressed proactively and efficiently.

Boosting safety for cargo and drivers

The use of a telematics system for fleet vehicles has proved to be an important tool in helping to drive down costs and improve efficiency, says MiX Telematics Africa.

Silencing the guns and firearms amnesty

Silencing the guns and firearms amnesty

Gender-based violence is an affront to our humanity

Gender-based violence is an affront to our humanity

UK-Africa investment summit 2020: Think Africa Invest SA

UK-Africa investment summit 2020: Think Africa Invest SA

MTN unveils TikTok bundles

Customised MTN TikTok data bundles are available to all prepaid customers on *136*2#.

Marketers need to reinvent themselves

Marketing is an exciting discipline, offering the perfect fit for individuals who are equally interested in business, human dynamics and strategic thinking. But the...

Upskill yourself to land your dream job in 2020

If you received admission to an IIE Higher Certificate qualification, once you have graduated, you can articulate to an IIE Diploma and then IIE Bachelor's degree at IIE Rosebank College.