As Novus Holdings moves to acquire Mustek by buying the remaining shares that it doesn’t already hold, executives at the distributor have penned an agreement to retain a 25% stake in the company.
On 15 November Novus Holdings made a mandatory offer to the shareholders of Mustek for shares that it does not already beneficially hold.
On 13 November 2024, a consortium agreement between Novus, Hein Engelbrecht, Cornelius Jacobus (Neels) Coetzee, and Shabana Aboo Baker Ebrahim.
In terms of the agreement, management would register a private ring-fenced company (Manco), with Hein Engelbrecht holding 51% of the shares, Neels Coetzee holding 25% and Shabana Aboo Baker Ebrahim holding 24%.
The purpose of the Manco will be to acquire and hold shares in Mustek.
Subject to certaof the approximate 3 600 000 shares which triggered the firm intention announcement, Novus will dispose of 25% of these shares to Manco for a purchase consideration of R12 per share;
- Novus acquiring Mustek shares in terms of the mandatory offer, it will sell 25% of such mandatory offer shares to Manco, with the purchase consideration depending on the nature of the consideration paid by Novus; and
- If Novus acquires any additional Mustek shares before the closing date of the mandatory offer, it will sell 25% of these to Manco.
Novus is only required to sell a maximum of 3-million Mustek shares to Manco, unless otherwise agreed in writing.
In line with the agreement, Engelbrecht has acquired 469 915 shares, Coetzee 230 350 shares and Ebrahim 221 136 shares at R12 per share in terms of the firm intention announcement.
In addition, Engelbrecht has acquired 1 060 085 shares, Coetzee 519 650 shares and Ebrahim 498 864 shares in terms of the mandatory offer.