Investec exercises options on Nail shares.

Posted On Wednesday, 27 August 2003 02:00 Published by
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CAPE TOWN Investec Bank, part of the consortium bidding for the assets of New Africa Investments Limited (Nail), had started to exercise some of its options over Nail shares, but this did not mean the consortium was assured of winning its bid.
Consumer Industries Editor

 CAPE TOWN Investec Bank, part of the consortium bidding for the assets of New Africa Investments Limited (Nail), had started to exercise some of its options over Nail shares, but this did not mean the consortium was assured of winning its bid, Tiso Private Equity Fund chairman Fani Titi said yesterday.

 According to a stock exchange notice, Investec Bank has acquired 7-million, or 6%, of Nail's N shares and 113402 or 3% of its ordinary shares at R9 a share. Nail's shares, which are tightly held, did not trade yesterday. The ordinary shares are at R9,20 and the N shares at R9,45.

 A consortium, including Investec Bank, Tiso Private Equity, the Mineworkers Investment Company and Safika, announced a month ago that it was making a firm bid for Nail's assets at R9 a share. The only other confirmed bidder for Nail is Hosken Consolidated Investments, but other parties are said to be interested, including a consortium of Johnnic, Kagiso Media and Caxton.

 Titi said Investec Bank's acquisition of shares was part of the consortium's "overall approach". He would not say how many Nail shares the consortium controls.       
    Aug 27 2003 07:22:16:000AM Charlotte Mathews Business Day 1st Edition

Publisher: Business Day
Source: Business Day

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