Johncom flies on M-Net talk

30 October, 2006 at 9:45 am | Posted in Companies | Leave a comment

Shares in media and entertainment group Johnnic Communications (Johncom) rose as much as 11 percent on Friday, following a stock exchange news service announcement that it had received an offer for its 38 percent stake in M-Net/Supersport.
The pay-television stake has been valued at about R2.2 billion. It is unclear who initiated the offer, but one analyst speculated that the sale of the M-Net/Supersport stake might mark the beginning of an unbundling and streamlining exercise at Johncom.

Such an exercise would see Johncom sell off the bulk of its non-media assets in preparation for a black empowerment transaction, which might or might not involve printing and publishing group Caxton. Johncom has an effective 36 percent holding in Caxton, of which 17 percent is held in Caxton shares and the remainder in unlisted companies in the Caxton control structure.

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