Hosken Consolidated Investments Limited cancelled the acquisition of 41% stake in Alphawave Golf Proprietary Limited from Niveus Investments Limited.
The transaction is subject to approval by Niveus Investments's shareholders, unconditional approval by the Board of Directors of Hosken Consolidated and unconditional approval by the Board of Directors of Niveus Investments. The conditions must be fulfilled by no later than September 30, 2019, which may be extended by mutual consent. As of September 27, 2019, fulfillment of the conditions precedent to the transaction has been extended to November 30, 2019, or such later date as Niveus Investments Limited and Hosken Consolidated Investments Limited may agree. The proceeds from the sale will be retained by Niveus Investments, subject to decisions by the relevant Board of Directors. The effective date of the transaction will be the second business day following the fulfillment of the last condition. Investec Bank Limited acted as financial advisor and ENSafrica acted as legal advisor for Niveus Investments.
Hosken Consolidated Investments Limited (JSE:HCI) cancelled the acquisition of 41% stake in Alphawave Golf Proprietary Limited from Niveus Investments Limited (JSE:NIV) on July 1, 2020.