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LONDON (Alliance News) - Capital & Regional PLC on Wednesday said that Karoo Investment Fund has arranged to dispose of or transfer all of its 70.0 million shares in the company.
The shares, held on the company's sub-register on the Johannesburg Stock Exchange, represent 9.995% of the company's issued share capital.
The underlying shareholders in Karoo have been given the choice of receiving their pro-rata entitlement in shares of the company or electing for their interest to be sold for cash.
"To facilitate the latter Karoo has appointed Java Capital to manage an imminent placing in the South African market. It is expected this will involve the sale of up to approximately half of Karoo's holding with the remainder being transferred in specie to the respective underlying holders," Capital & Regional said.
"[Non-Executive Director] Louis Norval and his connected parties have interests in the underlying shareholders of Karoo that equate to approximately 40% of Karoo's current shareholding in the company. [Non-Executive Director] Wessel Hamman is also a director of Karoo," Capital & Regional said.
Shares in Capital & Regional were down 0.9% at 66.38 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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