#316: Fighting a delisting & inside Easy Equity users

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Simon Shares

• JSE Direct is ten years old. Started 8 July 2008 on Classic FM.
• Aton out smartens Aveng (JSE code: AEG) and Murray and Roberts (JSE code: MUR) with a 25.4% in Aveng that can effectively block any special resolutions such as a take over. Alternative if the deal between MUR and AEG goes ahead, Aton will get MUR shares as a AEG shareholder which should ensure they end up with 50% +1 and in complete control at MUR.
• Torre (JSE code: TOR) is maybe delisting. There will be a shareholder vote and if it passes you'll either get the money or remain a shareholder but in an unlisted company. The later is a horrid idea as liquidity and price discovery is typically zero. I Also think we'll likely see more small cap stocks delisting.
• What can you do?
  • Vote. There will be a vote by shareholders and you have every right to vote against it and as a delisting requires a special resolution 75% +1 is the required minimum to pass.
    • Organise. Find other small shareholders (easier said than done) and get them to vote against.
    • Talk to management and large shareholders. You may be a small shareholder but you have your rights and potential influence.
    • Fight against interested parties voting.
    • Using above also try and get the price raised.
    • At the end of the day, if you're in the minority you lose. That's how voting works.
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Inside Easy Equity users

Easy Equity recently did a user survey with over 6,000 responses and I sat down with Charles Savage (CEO of Purple Group & Easy Equities) to chat around he main findings.

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