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Thursday 29 July 2004 |
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This site will be updated on 6 August 2004 at 17:30 |
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THE black empowerment transaction between KWV and Phetogo, which was announced on 9 June, is back on track after changes in its composition. This deal threatened to derail earlier this month, when Fawu and Cosatu complained to the minister of agriculture that 14 individuals would hold a greater number of shares than the KWV workers in the empowerment consortium. The deal will be finalised within the next month, following a reshuffle which saw the workers' share increase from 20% to 27%. This means that the 456 KWV workers will own nearly 7% of KWV, becoming the largest entity in the BEE deal. The 14 individual shareholders of Phetogo saw their share shrink from 26% to 19%. A special shareholder meeting is scheduled for 23 August in order to conclude the transaction. This concerns some changes to the KWV statutes to allow for the nomination of two directors from the empowerment consortium to serve on the Board of KWV Ltd. KWV's empowerment partner, Phetogo, has made a formal offer of R1,85 per share to KWV shareholders, valid until 24 August, and aims to secure a 25,1% share for the consortium and the KWV Employee Empowerment Trust (KEET). Phetogo and KEET entered into a voting pool agreement which will control the stake in KWV. KWV shareholders can expect to receive a circular shortly containing detailed information about the transaction. According to KWV's chairman, Danie de Wet, the company will also set up information meetings within the next four weeks to address any uncertainties pertaining to the transaction. The Paarl meeting is on 11 August. De Wet emphasised that KWV embarked on this initiative with a set of objectives that its potential black empowerment partners had to meet. The company believes that its agreement with Phetogo creates the best match to fulfill these objectives. KWV believes that the empowerment transaction in its current form best meets the relevant objectives and requirements. "All the parties involved will benefit significantly from the new ownership profile of KWV in the long term," said Danie de Wet. |
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SUID-AFRIKA se enigste wynkompetisie waarin die top tien wyne van 'n spesifieke variëteit aangewys word, die Absa Top 10 Pinotage Kompetisie, vind vanjaar vir die agste keer plaas. Die sluitingsdatum vir vanjaar se Absa Top 10 Pinotage Kompetisie is 12 Augustus. Weens die unieke aard van die kompetisie en die feit dat Pinotage die Kaap se inheems-gekweekte rooiwyndruif is, geniet dit wye belangstelling en hoë aansien onder beide die wynliefhebber en die wynprodusent. Wyne wat vir die kompetisie ingeskryf word, moet die spesifieke kelder/handelsmerk se jongste beskikbare wyn in die mark wees. Die wyn moet by inskrywing ook deur die Wyn-en-Spiritusraad gesertifiseer wees as 'n Pinotage wyn van 'n bepaalde oesjaar. Huidige oesjaar wyne mag vanjaar ook weer ingeskryf word. "Minstens 2 400 bottels (200 kiste) van die wyn wat ingeskryf is, moet op die perseel van die produsent beskikbaar wees vir verkope wanneer die kompetisie se uitslae op 14 Oktober bekend gemaak word," sê die voorsitter van die Pinotage Assosiasie, Beyers Truter. Die eerste Absa Top 10 Pinotage Kompetisie is in 1997 gehou en verlede jaar is nie minder nie as 88 inskrywings uit 19 verskillende produksiegebiede ontvang. Die uitslae van vanjaar se kompetisie word tydens 'n noenmaal in die Mount Nelson Hotel in Kaapstad bekend gemaak. Nie-lede van die Pinotage Assosiasie mag ook hul wyne vir die kompetisie inskryf. Inskrywingsvorms en die prospektus kan van Pierre Loubser verkry word (tel 855-1128, faks 855-4351 of pierre.l@mweb.co.za). |
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THE 80-year-old matriarch of the distinguished De Lencquesaing family from Pauillac in Bordeaux, France, planted her first Cabernet Sauvignon vine in South African soil last week. Madame May de Lencquesaing is the new owner of Glenelly farm - a neighbour of Rustenberg and Morgenhof in Idas Valley outside Stellenbosch. Buildings on the farm are being restored and an extensive replanting programme has been scheduled. "We shall be making red blends, much in the style that we have been making wine in Bordeaux," de Lencquesaing explains. She is, however, adamant that the wine should reflect its South African origin. Vititec, KWV South Africa's plant development division, is the main supplier of plant material to the French family. For this planting season more than 80 000 vines have been propagated at the Vititec nursery in Vredendal for Glenelly. The grafted vines selected by Thomas Dô-Chi-Nam, viticulturist and winemaker for both Glenelly and Chateau Pichon Longueville Comtesse de Lalande in Bordeaux (one of the most prominent estates in the Medoc), are from foundation nurseries, and include Cabernet Sauvignon, Petit Verdot, Merlot and Shiraz. Isolated areas on Glenelly farm, which have been prepared for vineyard plantings now, have been selected as mother blocks to further propagate high quality Vititec plant material for the industry. Madame De Lencquesaing is very positive about her investment in South Africa, as she believes in a bright future for the country. She was the prestigious keynote speaker at the last Nederburg Auction earlier this year in Paarl. |
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