M-Web minority shareholders have been offered one Naspers "N" share for every 15 M-Web shares they own, ahead of the Internet company`s planned de-listing.
The Naspers "N" share closed at R26.30 on the JSE yesterday, while M-Web`s share closed at R1.30.
M-Web`s share was trading at R1.78 by late this morning, while Naspers`s share was at R27.00.
According to Profile`s Stock Exchange Handbook, Nasionale Pers Beleggings and Keeromstraat 30 Beleggings have their holdings in unlisted "A" shares of 1 000 votes each, while the other major shareholders own only "N" shares with one vote each.
Media group Naspers, its associates, and the M-Web Share Trust, which collectively own 82.75% of M-Web`s issued share capital, will retain their respective holdings in the company.
"Given the negative sentiment towards Internet-related stocks on the JSE Securities Exchange SA, along with future funding requirements of M-Web and the requirement by the JSE for M-Web to maintain a minimum public shareholder spread, there appears to be little justification for the continued listing of M-Web," it says.
The group adds that current market conditions are not conducive to any capital-raising initiatives by M-Web as a listed company.
M-Web posted a R152.53 million net loss for the six months to last September.
M-Web CE Antonie Roux said in February that the company had enough cash to last until June, at which point a further fund-raising exercise was originally planned.
M-Web`s directors say they intend to vote in favour of the scheme at the scheme meeting in respect of their own shareholding in M-Web.
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