the same shares to a BEE entity for R1.50, but were not permitted to negotiate the offering price.
Molebatsi said Ayo was “already a difficult investment to make” and to look at another Sekunjalo-related transaction so soon was “very strange”. Before the Ayo transaction, the PIC’s unlisted portfolio had already loaned Survé and Sekunjalo’s Independent Media Group around R1-billion.Effectively there is exposure to an individual. Once again it adds to the risk concerns,” said Molebatsi on Tuesday.
It was the first time he had seen the deal team instructed to take an investment proposal to the PMC. Matjila and Sekunjalo agreed that the PIC would subscribe to Sagarmatha’s listing price of R39.90 for R3-billion of shares, but the PIC would get a call option of R1 on enough shares to make its average share price R8.50 per share.In effect, the PIC would be receiving exposure to Sagarmatha at a lower price than the IPO price on the same day that other subscribers would be paying the full price ,” said Molebatsi.It’s not normal.
Survé and his related companies, Sekunjalo, Ayo and Sagarmatha, have repeatedly denied wrongdoing. Ayo is fighting the CIPC’s instruction and on Tuesday the PIC and CIPC agreed in court to postpone the date the money must be collected, which was originally set for Tuesday.
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