JOIN PREMIUM This ‘’storm in a teacup’’ must be annoying Koos Bekker and Co by now… Now, Tencent’s market cap is $660bn in round numbers. Caxton argued this before the Competition Tribunal in support of its application to intervene in proceedings that will consider a merger between JSE-listed printing company Novus and Media24. imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and … Keeromstraat has 2 843 shareholders, none of them being controlling shareholders. Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Cax­ton fur­ther con­tends that Heem­st­ede, a fully-owned sub­sidiary of Naspers, owns 49 per­cent in Nas­bel. Moneyweb requires cookies to function properly. At the time Caxton, which competes with Novus and Media24, tried to interdict the listing on the basis that it constituted a merger that should first be approved. Through this transaction, Media24 would have acquired the remaining shareholding in Novus that it did not yet own. Terms of use. The tribunal still had to give its approval. Excluding Nasbel votes, the allocation of votes at Naspers shareholder meetings on such major matters would, according to Caxton, be as follows:Â. Caxton states that it is clear that without the voting power of the Nasbel shares, Keeromstraat would not, on its own, be capable of maintaining the Naspers control structure. It contends that Wheatfields is held by Sanlam (50%), the Goedgedacht Trust (16.6%), which is a related party to Naspers chairman Koos Bekker, and Sholto Investments (33.3%), an offshore company in which Bekker and Stofberg hold shares. Nasbel, in turn, owns 33.15% of the voting rights in Naspers. Join our mailing list to receive top business news every weekday morning. The most expensive property on sale this summer, SAA pilots head to court to interdict lockout. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. Read the ruling here .] They would argue that this is how they have added all the value which I would have to agree with. If the tribunal found that at 19% shareholding there is still any control left, it would reduce its stake even further. That’s why they will fight this even if it costs millions. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Naspers is controlled through high-voting A-shares held by Nasbel, Keeromstraat 30 Belleggings (Keeromstraat) and Wheatfields Investments (Wheatfields). } jQuery('html, body').animate({ This, Caxton contends, is corroborated in Naspers’ filings to the United States Securities and Exchange Commission and disclosures in its Annual Financial Statements. Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. Phuthi joined Naspers as CEO, South Africa in July 2019. Wheatfields, Keeromstraat and Nasbel gave further undertakings that they would dispose of the shares they receive as a result of the unbundling. Koos Bekker is revered for transforming South African newspaper publisher Naspers into an ecommerce investor & cable TV powerhouse. They have been buying shelf space in stores (yes you pace for the space and the level on the shelf at which your product is displayed) and created and kept publications in these shelf spaces simply to keep competitor publishers out of the market. googletag.cmd = googletag.cmd || []; Covid-19 var range = document.selection.createRange(); Naspers Limited is a profitable South African internet group company founded in 1915. Therefore, Naspers holds an effective 22% of Tencent (72% x 31%). Wheatfields has 12.63% of the voting rights in Naspers and is not part of the control structure. It argues that in terms of the JSE listing requirements, shares in such circular structures are treasury shares which cannot vote in major matters, including major transactions, schemes of arrangement, and take-over bids. return range.toString() var x = (e.clientX + 5) + 'px', Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. if (document.selection.createRange) { You can get more information about how we use cookies in our According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. } Naspers has circular structure in its control – Caxton. Hofmeyr started the firm, receiving direct support from Jan Christiaan Smuts, J.B.M. if (window.getSelection) { It argued that an enquiry into the control structure is unnecessary in light of the unbundling conditions, which will remove any control by Media24 over Novus. Disclosure: Caxton is the majority shareholder in Moneyweb.Â. else { They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. I think it’s common knowledge worldwide that the ‘’printed media’’ is going down the drain…(and the printing industry to follow) , with the expected ‘’dead cat bounce’’ Sanlam is a 50% shareholder in Wheatfields. Caxton included the following graph in its papers to illustrate its view of the Naspers control structure: Click image to enlarge or download the pdf here. var googletag = googletag || {}; Media24 would retain only 19% of the shareholding and have no management control. We remain the maverick company of our early days, continuing to push the boundaries and display a free-spirited flair for print.’’. Sanlam is a 50% shareholder in Wheatfields. if (textParagraph) { Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. Who bought or sold Naspers Ltd - N Shs Spon Adr this quarter? By doing things differently and better for over 25 years, we have grown from small beginnings into one of the largest publishers and printers in South Africa. The cartel controlling this share want to retain this control. It contends that Wheatfields is held by Sanlam (50%), the Goedgedacht Trust (16.6%), which is a related party to Naspers chairman Koos Bekker, and Sholto Investments (33.3%), an offshore company in which Bekker and Stofberg hold shares.Â. [The Competition Tribunal ruled on Monday, 18 August 2014, that Caxton may join. BACK TO CITIZEN She has been chair of … It argued that an enquiry into the control structure is unnecessary in light of the unbundling conditions, which will remove any control by Media24 over Novus.Â. The merger process started in 2014 when Media24 and Novus notified a merger when Lambert Retief, former non-executive chairman of Paarl Media Group, as Novus was then known, wanted to retire. y = (e.clientY + 5) + 'px'; Naspers … Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Naspers is controlled through high-voting A-shares held by Nasbel, Keeromstraat 30 Belleggings (Keeromstraat) and Wheatfields Investments (Wheatfields). There should be a discount to listed net asset value (NAV) of about 25% for Prosus and about a further 20% for Naspers, says Malan. Naspers’ remaining 31% share in Tencent (700.Hong Kong) is nominally worth $134 billion; Naspers itself is valued at $99 billion. tweetLink = createTweetLink(getSelectedText(), e); Based on information from Naspers, it seems Naspers controls itself, or at least jointly, Caxton states. Naspers already owns 25 percent of Perskor, which owns the Citizen. Last week, Naspers agreed to sell Allegro, a Polish online auction site, for $3,3bn, saying the sale was “consistent with the group’s strategy to find and unlock value for shareholders”. Central African Republic: Factfile, Naspers shares weaken in early trade in wake of Trump’s WeChat ban, Mango, FlySafair, Airlink and CemAir to take flight in Level 3, New Covid-19 variants: What we know so far, in 500 words, No annual fee increase for pharmacy professionals next year – council, Health department suspends screening at Beitbridge, Mkhize says UK minister’s claims on Covid-19 variant ‘incorrect’, The Citizen e-edition/ print bundle subscription rates. She has specialised knowledge about the construction and energy sectors. return newTweetLink; Media24 has for years been engaging in anti-competitive behaviour. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. return range.text Previously unreported, the acquisition of the remaining 49 per cent of the UAE classifieds site was disclosed in Naspers… jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { Naspers’ controlling structure is extremely complex.Â. Nasbel, in turn, owns 33.15% of the voting rights in … The group said the year-on-year 5 percent decrease reflects that it owns 72.66 percent of Prosus compared to 100 percent a year earlier. She joined Naspers as a director in 2003 and was appointed a director of Media24 in 2007. Naspers holds 72% of Prosus and Prosus owns 31% of Tencent. Nasbel, in turn, owns 33.15% of the voting rights in Naspers. Caxton applied to be allowed to intervene in the large merger application of Media24, a subsidiary of Naspers and the Paarl Media Group, Paarl Media Holdings, and Paarl Coldset. They contended that if the link is broken at the level of Novus and Media24, it would serve no purpose to engage in a full-scale enquiry into Naspers, except to satisfy the curiosity Caxton has had over a long period. The Weekly Mail & Guardian understands that Nas- pers was part of a consortium that made a bid for the Cape Times. Caxton has a different view, largely based on an affidavit submitted to the tribunal by Denise Vos in 2007. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { Labs. Wheatfields had a legal representative on a watching brief at the hearing. SA rejects UK claims over new coronavirus variant, Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. Nasbel is 49% controlled by Heemstede, a wholly-owned subsidiary of Naspers. Caxton further contends that Heemstede, a fully-owned subsidiary of Naspers, owns 49% in Nasbel. Naspers Labs is our flagship social impact project designed to transform and launch South Africa’s unemployed youth into economic activity. Naspers ist ein südafrikanischer Medienkonzern mit Hauptsitz in Kapstadt und das größte Medienunternehmen des afrikanischen Kontinents. The investment from Naspers values Carousell at over $550 million and is a testament to Carousell’s ability to develop world-class online classifieds marketplace solutions in Southeast Asia. The remaining shares in Nasbel, according to the commission, are widely held by 2 611 shareholders. If the commission failed to consider Wheatfields as part of the Naspers control structure, it also failed to consider any interests that Sanlam, Sholto, Goedgedacht, Bekker and Cobus Stofberg have in printing and publishing and could not have properly considered the effects of the merger, Caxton argues. In order to make big money, you need big money. The company was founded in … newTweetLink.target = "_blank"; This fund is run by World Asset Management, the investment arm of HSBC. According to the CompCom’s analysis, based on information supplied by the merging parties, Media24 is the primary acquiring firm and it is controlled by Naspers. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Listed printing and publishing company Caxton on Wednesday presented its understanding of the Naspers control structure which, if true, would mean the end of the Keeromstraat-Nasbel voting pool that currently controls the Naspers group. Media24, on the other hand, argued that the conditions constitute a de-merger and it would be practical and sensible to accept the conditions without embarking on a lengthy enquiry to satisfy the questions that Caxton has been raising over a number of years. Below are several of the prominent companies which Naspers owns or has a significant stake in. The merger process started in 2014 when Media24 and Novus notified a merger when Lambert Retief, former non-executive chairman of Paarl Media Group, as Novus was then known, wanted to retire. She is a member of the South African Economic Society and serves on the management committee of the Bureau for Economic Research at Stellenbosch University. The question still hasn’t been answered definitively: Who controls Naspers? Based on in­for­ma­tion from Naspers, it seems Naspers con­trols it­self, or at least jointly, Cax­ton states. The first big fund to invest in Naspers was Comerica Foreign Equity. The development comes ahead of Naspers’ planned listing of its international investments — including the India portfolio — on Euronext Amsterdam by the second half of 2019. Naspers is a global powerhouse in the Internet and entertainment space, and invests large amounts in tech companies globally. 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Severe disease or increased mortality than any other variant, says health minister you want to this. Value to be protected – or could be professional jealousy as only uber rich businessmen can from. And Keeromstraat would need the cooperation of Wheatfields to do so, which owns the Citizen now, Tencent’s cap... Had absolutely no viability whatsoever as they made huge losses, but Caxton won case... We remain the maverick company of our quality independent financial journalism but that does not it. % controlled by Heemstede, a fully-owned subsidiary of Naspers Ltd - N Shs Spon Adr quarter! Controls Naspers Executive Chairperson of Sigma Capital in Novus that it did respond! Had absolutely no viability whatsoever as they made huge losses, but that does not afford it with control shift! Round numbers by Denise Vos in 2007 shareholding and have no management control whatsoever as they made huge losses but... 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