Value hunters cooking up something tasty in Mauritius

Business

Value hunters cooking up something tasty in Mauritius

RAC has a reputation for buying at a discount, and could have inspired plans for restructuring Astoria

Marc Hasenfuss

“Deep value” investor RECM & Calibre (RAC) (https://www.sharenet.co.za/v3/quickshare.php?scode=RACP) is not exactly latching onto a huge discount in efforts to buy full control of Mauritian-domiciled investment counter Astoria (https://www.sharenet.co.za/v3/quickshare.php?scode=ARA).

Last week RAC – largely anchored on fast growing alternative gaming business Gold Rush – paid R140m to snap up another Astoria 60.3 million shares from a few large minority shareholders.

That meant RAC now speaks for nearly 80% of Astoria’s issued shares, and has to make a mandatory offer on the same terms to the remaining shareholders. Should all minorities want to bail out, RAC will have to fork out about R65m to settle the 240c a share mandatory offer...

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