African Media Entertainment wants to buy Moneyweb

Radio broadcast company, African Media Entertainment (AME) says it is in discussions to purchase media company, Moneyweb, or market research group, Cognition.

“Shareholders of the companies are advised that AME has lodged non-binding
expressions of interest to acquire all of the ordinary shares of Cognition  and/or
Moneyweb with the respective boards of directors,” AME said in a statement on Thursday after the market closed.

“Whilst the expressions of interest do not at present constitute an intention to make a
firm offer or offers in terms of the Companies Act, 2008 (Act 71 of 2008), shareholders
of  the companies are urged to exercise caution  n dealing in their shares in the
companies until such time as further announcements in this regard are made,” it further warned.

AME which has Algoa FM and Bloemfontein’s OFM in its portfolio reported a 3% decline in revenue of to R119.4 million for the six months ended September.

Comprehensive income increased by 1% to R21.8 million, but headline earnings
per share slipped to 226.7 cents, from 239.2 cents in 2015.

The company has a market cap of R603 million.

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African Media Entertainment wants to buy Moneyweb