Publications
Partners
In a busy day for corporate news, despite internet outages, restaurant group Famous Brands announced it has picked a new chair. Microcap Cognition, meanwhile, has received a takeover offer from majority shareholder Caxton.
Famous Brands, the owner of Wimpy, Steers and Debonairs, said on Thursday its board had nominated independent non-executive chair Chris Boulle as chair-elect. This the announcement in July 2023 that Santie Botha would be stepping down in July 2024. Boulle was appointed to the board in 2014. Boulle is a commercial, corporate finance, tax and trust attorney and his expertise includes cross-border transactions, mergers and acquisitions, black economic empowerment transactions, and advising on stock exchange listings both locally and internationally. His experience as a non-executive director of listed companies spans over two decades.
ICT-focused Cognition said on Thursday it had received a buyout offer from majority shareholder Caxton at a 2.88% premium. Valued at about R227 million on the JSE, Caxton owns companies including MediaWorx, which provides multi-channels services including fax to email and web development, and also offers research services, such as data collection. Caxton holds about three-quarters of the company, which has low liquidity, arguing that this, along with the recent sale of major asset Private Property, has removed the rationale for being listed. Its shares were unchanged on Thursday and are little changed on a one-year basis.
