{"id":20130,"date":"2012-08-16T12:34:38","date_gmt":"2012-08-16T10:34:38","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=20130"},"modified":"2012-08-16T12:59:23","modified_gmt":"2012-08-16T10:59:23","slug":"avusa-shareholders-approve-takeover","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/20130\/avusa-shareholders-approve-takeover\/","title":{"rendered":"Avusa shareholders approve takeover"},"content":{"rendered":"

The shareholders of JSE-listed Avusa\u00a0have approved its sale to\u00a0Mvelaphanda Group<\/a>\u00a0through its wholly owned subsidiary,\u00a0Times Media Group.<\/p>\n

Shares in Avusa jumped 4.51% to R22.47 on the JSE, giving the group a market cap of R2.79 billion.<\/p>\n

In mid-June, Mvelaphanda Group<\/a>\u201a which owns about 21% of\u00a0Avusa<\/a>\u201a announced a cash and share offer to acquire all the shares in issue in the media and entertainment company that it did not already own, in a deal worth about R3-billion, or R24 per Avusa share.<\/p>\n

Avusa said in a statement on Thursday (16 August) that, \u201cAvusa shareholders are advised that, at the general meeting of Avusa shareholders held on Thursday, 16 August 2012, at the offices of Avusa, the special and ordinary resolutions required to give effect to the Scheme were approved by the requisite majority of votes.”<\/p>\n

\u201cScheme participants holding in excess of 78.5% of the ordinary shares of Avusa (other than Avusa ordinary shares held by TMG) voted in favour of these resolutions.\u201d<\/p>\n

At the end of July, the Public Investment Corporation (PIC) said it had decided not to support the buyout of Avusa by the Times Media Group.<\/p>\n

PIC, a 17% shareholder in Avusa, said as a \u201cconcerned shareholder\u201d it was worried about Avusa\u2019s underperformance, Business Day reported.<\/p>\n

News of the original offer in June saw Avusa\u2019s share price up 12.93% or 265 cents at R23.15 per share, 85 cents off of the cash offer.<\/p>\n

Relates article:<\/strong><\/p>\n

Elan Lohmann leaving Avusa for Sleekgeek startup<\/a><\/strong><\/p>\n

Avusa buyout not supported by PIC<\/a><\/strong><\/p>\n

Avusa reports profit decline<\/a><\/strong><\/p>\n

Avusa expect headline earnings 35%-45% lower<\/a><\/strong><\/p>\n

The Sunday Times\u2019 bold online move<\/a><\/strong><\/p>\n

No job cuts expected at Avusa if offer succeeds<\/a><\/strong><\/p>\n

Mvelaphanda in cash and share offer for Avusa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholders have approved the sale of JSE-listed Avusa to Times Media Group.<\/p>\n","protected":false},"author":9,"featured_media":7874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1978,26,1604,3116,2994,3741],"class_list":["post-20130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-avusa","tag-headline","tag-media-1","tag-mvelaphanda-group","tag-pic","tag-times-media-group"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/20130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=20130"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/20130\/revisions"}],"predecessor-version":[{"id":20143,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/20130\/revisions\/20143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/7874"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=20130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=20130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=20130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}