The private company is South Africa's largest cinema group with about 65% of market share. It was negatively impacted by the Covid-19 lockdowns - especially the hard lockdown - affecting its ability to pay debts as and when they fell due. This resulted in the board opting for business rescue in January 2021.
UK-based Blantyre Capital, which specialises in investing in equity and debt"special situations", and Greenpoint is a specialist private credit investment management firm headquartered in Cape Town, offered to buy the company for R250 million. Their offer forms the basis of the business rescue plan.
The suspensive conditions relating to the sale would need to be fulfilled, according to the business rescue practitioner Stefan Smyth. These include amending commercial lease agreements to be agreed with landlords, and the necessary regulatory approvals. Smyth explains that, once the suspensive conditions of purchase have been fulfilled and the funds transferred, he can file for a termination of the business rescue process and transfer the shares in the company to the investors.We live in a world where facts and fiction get blurred, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
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