Futuregrowth’s Andrew Canter, recently interviewed by Biznews’ Alec Hogg, spoke extensively on the minority shareholder saga at the Airports Company South Africa. Canter said the minorities were literally ‘economic hostages’ as they had no means to exit the investment while ACSA was offering them well below what he deemed fair market value. In the media release below, ACSA has requested an extension on its response with regards to the minority shareholder’s stake as it seeks to determine fair market value. – Stuart Lowman
Airports Company South Africa update on its minority shareholders
17 November 2015. Johannesburg. Airports Company South Africa has requested an extension for the filing of its responding affidavit in the matter relating to the case brought by African Harvest Strategic Investments and another for alleged oppression of minorities and the fair market value of the minority shareholders’ stake in Airports Company South Africa.Â
The company has requested an extension as it continues to engage with its minority shareholders.
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Having approached no fewer than five (5) Corporate Finance experts to date, Airports Company South Africa has stated that more time is needed to select financial advisors with the requisite expertise in preparing its answering affidavit in relation to the determination of the fair value of the shares held by the minority shareholders.
Furthermore, Airports Company South Africa is opposing the court application brought by African Harvest Strategic Investments.
