Novus Holdings, a printing and packaging firm, said it has proposed a settlement offer to the Takeover Special Committee so that its mandatory offer for Mustek shares can proceed.
Novus Holdings has, subsequently to its March 31 financial year end, acquired an additional 6 million Mustek shares, increasing its shareholding to 50,39%.
The group directors announced in the results released Friday that on May 4, the group, Numus Capital and the Takeover Regulation Panel (TRP) concluded a settlement agreement, which was submitted to the Takeover Special Committee (TSC) requesting that the settlement agreement be made an order of the TSC.
The group had made a mandatory offer to buy all the shares in JSE-listed Mustek that it does not already own, and Novus is “committed to fulfilling the mandatory offer,” its directors said.
Novus’ initial offer was delayed because a TRP investigation prevented the issuance of a certificate of compliance. The group appealed the TRP's ruling to the TSC. Novus said it would alert shareholders on further progress of the mandatory offer.
