JSE-listed technology investor TeleMasters has received a proposal from an unnamed black-led investor to buy out the company’s two largest shareholders.

TeleMasters has been listed on the JSE’s AltX exchange since 2007.

“Shareholders are advised that the two largest shareholders of TeleMasters have been approached by a BEE company to acquire their shares, subject to a number of conditions,” the company said in a statement to investors on Friday.

“Discussions are ongoing, and certain regulatory matters have to be concluded by the acquiror before a formal offer can be made. However, the interested party has to engage with advisors and funders and thus maintenance of confidentiality of information cannot be controlled by TeleMasters,” it said.

“If a formal offer is made and accepted, it will result in a change of control of TeleMasters and a mandatory offer being made to the remaining shareholders in the company on the same terms.”

According to the most recent regulatory filing — the company’s consolidated 2023 financial results — the two largest shareholders in TeleMasters together hold 77.1% of the company’s equity. Those shareholders are:

• Maison D’Obsession Trust, in which chairman Mario Pretorius has a beneficial interest — 62.1%; and
• Jaco Voigt, TeleMasters’ long-serving CEO — 15%.

The company said it is also in the “early stages” of issuing an expression for interest for an acquisition of its own, which, if concluded, will require shareholder and regulatory approvals. It did not say whether the two developments are related.  – © 2024 NewsCentral Media