COMPANY NEWS IN BRIEF
Gold Fields won't be revising Yamana offer
The board of Gold Fields has unanimously resolved not to revise its offer for the takeover of Yamana Gold following a competing 'superior proposal' from Agnico Eagle Mines Limited and Pan American Silver.
On Friday, Yamana, a precious metals producer with assets in Canada, Brazil, Chile and Argentina, said the R90 billion cash-and-stock deal was superior to Gold Fields' and gave the company five days to amend the terms of its all-share offer.
The offer of 0.6 Gold Fields share per Yamana share was worth about US$6.7 billion at the time it was announced in May, but JSE and New York listed Gold Fields had crashed after the news, with analysts citing the about 30% premium being paid. Since the end of May, shares of Gold Fields have declined 30%, meaning its offer is currently worth less in dollar terms than that of its rival consortium's.
Yamana had said on Friday that while the new offer was the "superior proposal," there was no assurance that it would lead to a termination of the Gold Fields offer. It has also not changed the stance of stance Yamana's board to the Gold Fields offer, which the board has unanimously recommended that shareholders accept.
Gold Fields said on Monday that having considered the new information in consultation with its financial and legal advisers, "the board continues to believe that the Gold Fields Transaction remains strategically and financially superior to the joint offer."
Gold Fields maintains that "the highly complementary fit of Yamana's operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for its shareholders as well as Yamana when added to Gold Fields’ current portfolio of assets."-Fin24
Gold Leaf's assets to remain frozen until 2023
Manufacturer of cheap cigarettes Gold Leaf Tobacco will have to wait until the end of January to try to convince a court that its frozen assets should be released.
Two months ago, the North Gauteng High Court in Pretoria granted the SA Revenue Service (SARS) a provisional preservation order against Gold Leaf and its directors Simon Rudland and Ebrahim Adamjee.
In securing the order, the tax agency argued there were reasonable grounds to believe that Gold Leaf and its directors had underpaid tax and hidden assets.
At the time, Raees Saint, legal representative for Gold Leaf and Rudland, denied that his clients were involved in any wrongdoing.
According to the provisional preservation order, the initial return date for the case was 7 November. At this hearing, the respondents get to argue why the order should not be made permanent.
The matter was heard briefly in court on Monday, where the date for the return hearing was extended to 30 January. This means the provisional preservation order will remain in place for the next two months.
The order stopped the tobacco group and its directors from selling any assets while the tax agency continues with a probe into tax evasion.
When the matter was last heard, the court appointed a curator to immediately take control of the company's assets, including all bank accounts, investments and property.-Fin24
Bank Zero partners with Shoprite, Pick n Pay
A little over a year after its launch, Bank Zero has announced its new fees for 2023, and instead of going up, the country's youngest retail bank has kept most of its fees unchanged and even made a cut or two.
"This is a beautiful inflation-beating story at a time when living costs are increasing beyond what is palatable," Bank Zero ZEO, Yatin Narsai CEO, said on Tuesday. "All the zeros are indeed still zeros."
There had been speculation about how sustainable the digital bank's zero-fee structure was when it finally launched in August 2021 after a number of delays. But, instead of hikes, the firm wants to stay "on top" of zero pricing and is adding new services, while cutting the costs of others. For instance, having a new Bank Zero card delivered at Clicks stores now costs R10 less. It will cost R20 less to have a card delivered to a street address in most cities.
Bank Zero customers can also deposit cash into their accounts now, which it says it prioritised due to customer requests. It has partnered with Pick n Pay and Shoprite to let its customers deposit money at till points. Customers can deposit up to R3 000 at Shoprite Group stores and up to R5 000 at Pick n Pay. But it appears that the retailers have the discretion to set their own fees for this service. Bank Zero said customers must confirm this with the cashier before making the deposit.
Back to fees, the bank decided to keep prices for many other services unchanged. Drawing cash at an ATM will still cost R9 per R1 000, and a flat R2 fee will stay in place for those withdrawing cash at retailers like Pick n Pay, Spar, and Shoprite. The SendMoney fee remains unchanged at R8.50, and so will the cost of all other bank services.-Fin24
The board of Gold Fields has unanimously resolved not to revise its offer for the takeover of Yamana Gold following a competing 'superior proposal' from Agnico Eagle Mines Limited and Pan American Silver.
On Friday, Yamana, a precious metals producer with assets in Canada, Brazil, Chile and Argentina, said the R90 billion cash-and-stock deal was superior to Gold Fields' and gave the company five days to amend the terms of its all-share offer.
The offer of 0.6 Gold Fields share per Yamana share was worth about US$6.7 billion at the time it was announced in May, but JSE and New York listed Gold Fields had crashed after the news, with analysts citing the about 30% premium being paid. Since the end of May, shares of Gold Fields have declined 30%, meaning its offer is currently worth less in dollar terms than that of its rival consortium's.
Yamana had said on Friday that while the new offer was the "superior proposal," there was no assurance that it would lead to a termination of the Gold Fields offer. It has also not changed the stance of stance Yamana's board to the Gold Fields offer, which the board has unanimously recommended that shareholders accept.
Gold Fields said on Monday that having considered the new information in consultation with its financial and legal advisers, "the board continues to believe that the Gold Fields Transaction remains strategically and financially superior to the joint offer."
Gold Fields maintains that "the highly complementary fit of Yamana's operating assets and its extensive pipeline of future growth projects will create significant near-term and long-term value for its shareholders as well as Yamana when added to Gold Fields’ current portfolio of assets."-Fin24
Gold Leaf's assets to remain frozen until 2023
Manufacturer of cheap cigarettes Gold Leaf Tobacco will have to wait until the end of January to try to convince a court that its frozen assets should be released.
Two months ago, the North Gauteng High Court in Pretoria granted the SA Revenue Service (SARS) a provisional preservation order against Gold Leaf and its directors Simon Rudland and Ebrahim Adamjee.
In securing the order, the tax agency argued there were reasonable grounds to believe that Gold Leaf and its directors had underpaid tax and hidden assets.
At the time, Raees Saint, legal representative for Gold Leaf and Rudland, denied that his clients were involved in any wrongdoing.
According to the provisional preservation order, the initial return date for the case was 7 November. At this hearing, the respondents get to argue why the order should not be made permanent.
The matter was heard briefly in court on Monday, where the date for the return hearing was extended to 30 January. This means the provisional preservation order will remain in place for the next two months.
The order stopped the tobacco group and its directors from selling any assets while the tax agency continues with a probe into tax evasion.
When the matter was last heard, the court appointed a curator to immediately take control of the company's assets, including all bank accounts, investments and property.-Fin24
Bank Zero partners with Shoprite, Pick n Pay
A little over a year after its launch, Bank Zero has announced its new fees for 2023, and instead of going up, the country's youngest retail bank has kept most of its fees unchanged and even made a cut or two.
"This is a beautiful inflation-beating story at a time when living costs are increasing beyond what is palatable," Bank Zero ZEO, Yatin Narsai CEO, said on Tuesday. "All the zeros are indeed still zeros."
There had been speculation about how sustainable the digital bank's zero-fee structure was when it finally launched in August 2021 after a number of delays. But, instead of hikes, the firm wants to stay "on top" of zero pricing and is adding new services, while cutting the costs of others. For instance, having a new Bank Zero card delivered at Clicks stores now costs R10 less. It will cost R20 less to have a card delivered to a street address in most cities.
Bank Zero customers can also deposit cash into their accounts now, which it says it prioritised due to customer requests. It has partnered with Pick n Pay and Shoprite to let its customers deposit money at till points. Customers can deposit up to R3 000 at Shoprite Group stores and up to R5 000 at Pick n Pay. But it appears that the retailers have the discretion to set their own fees for this service. Bank Zero said customers must confirm this with the cashier before making the deposit.
Back to fees, the bank decided to keep prices for many other services unchanged. Drawing cash at an ATM will still cost R9 per R1 000, and a flat R2 fee will stay in place for those withdrawing cash at retailers like Pick n Pay, Spar, and Shoprite. The SendMoney fee remains unchanged at R8.50, and so will the cost of all other bank services.-Fin24
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