Tsogo Sun Holdings Limited completed the acquisition of the remaining stake in Niveus Invest 19 Limited from Niveus Investments Limited and other minority shareholders.
The transaction is subject to the condition precedent, including, approval of transaction by Niveus and Hosken Consolidated Investments' shareholders; obtaining regulatory and statutory approvals; subject to completion of due diligence investigation of Niveus Invest 19 Limited; and subject to the HCI transaction being implemented. As of June 26, 2017, Tsogo Sun Holdings has completed a due diligence investigation in respect of Niveus Invest 19 Limited. As of September 14, 2017, the transaction was approved by the shareholder of Niveus Investments Limited. As of October 30, all conditions precedent to the proposed transaction have been fulfilled and/or waived. The transaction is expected to be implemented on the first Friday after the Tsogo Minority Offer has been submitted to the minority shareholders of being submitted to Niveus Invest 19 Limited. As of November 13, 2014, the offer became unconditional.
Investec Limited (JSE:INL) acted as a financial advisor with advisors fee of ZAR 3 million, Taback and Associates (PTY) Ltd acted as legal advisor with advisors fee of ZAR 2.8 million, PricewaterhouseCoopers Tax Services Proprietary Limited acted as accountant with a fees of ZAR 0.25 million whereas BDO Corporate Finance Proprietary Limited acted as fairness opinion provider with a fees of ZAR 0.25 million to Tsogo Sun Holdings Limited. Edward Nathan Sonnenbergs Inc. acted as legal advisor to Niveus Investments Limited.
Tsogo Sun Holdings Limited (JSE:TSH) completed the acquisition of the remaining stake in Niveus Invest 19 Limited from Niveus Investments Limited (JSE:NIV) and other minority shareholders on June 15, 2018.