Premier Fishing and Brand’s (PFB) share price notched up 13.8% to R1.15 on the JSE yesterday after it announced the terms of its de-listing in August.
The group said Sekunjalo Investment Holdings had made a firm offer to acquire the 15.98 million shares of PFB it does not already own, excluding those ordinary shares of PFB held by African Equity Empowerment Investments Limited and 3 Laws Capital South Africa, constituting 6.14% of the issued ordinary share capital of PFB by way of a scheme of arrangement.
PFB said yesterday all the scheme conditions had now been fulfilled. The listing would be terminated on August 1 this year.
In May, Premier Fishing and Brands saw a strong uptick in performance in the six months to February 28 with a return of the squid stock, improved catch rates and volumes landed and sold, as well as growing demand for its exports.
Similar positive results were experienced across the group’s other sectors, notably South Coast rock lobster and deep-sea hake stocks, which had bolstered revenue. The abalone sector was also back on track with an improvement in the Far East export markets, with selling prices for live and canned abalone all increasing.
These improved conditions saw the group lift revenue by 15% to R258 million. The Level 1 vertically integrated B-BBEE group said, however, there had been declines in some sectors, such as pelagic and Seagro, due to the timing of sales.
BUSINESS REPORT