Sasani nears deal completion
Phillip de Wet
25 May 2005 07:07
Movie company Sasani could announce a final deal to dispose of its remaining assets within a week to ten days, closing the book on its short existence as a JSE-listed one-stop-shop for the film industry.
Sasani chairman Nic Frangos said 14 bids for the remaining businesses had been received and considered, and that sealing a deal or deals hinged only on formalities.
`At the moment prospective purchasers are lodging various documents with us and with the SRP [Securities Regulatory Panel] and that is still going to take time,` he said. `The board have met and have made an in-principle decision subject to the necessary documents being lodged in respect of proof of financial backing.`
Frangos said he was pleased with the disposal process and expected shareholders to be similarly pleased with the terms of the final disposal. However, he warned that there may be further delays in closing the deals.
Sasani chief executive James Whitehouse in April confirmed to eMedia that he was involved in one of the bids for the remaining assets.
Sasani solicited the bids after disposing of The Video Lab and Condor Cape Post in deals that left it with some R92 million in cash. That, and the proceeds from the current sale, are to be distributed to shareholders.
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