Bidvest and the PIC are on the same page, when it comes to the voting of Adcock shares, a pool agreement in which the two parties collectively will have voting rights over 47.82 percent of Adcock shares. They will pool approximately 41 million shares each, and vote 82 million shares as a collective block. This comes after the PIC rejected the 52 Rand a share offer for the 48,466,905 shares that they manage on behalf of the Government Employees Pension Fund and the UIF. I guess they, the PIC will vote the extras in the same manner as the pool agreement, equally Bidvest who will have a lot more than the 41 million shares prior to the recent transaction. After taking their (Bidvest) and CIH stake up to 34.5 percent, they owned 59 266 944 shares.
With the recent purchase of the Blue Falcon (Kagiso owns 62,9% of the trust) and the Bophelo Trust shares (collectively those two parties were left post the transaction 2,571,000 Dividend acquired shares), Bidvest would own another 19,458,196 from Blue Falcon and 6,486,065 from the Bophela Trust shares. At 52 Rand. Add those two together and you get to 25,944,261. Add the above amount (59 million) and you get to 85,211,205 shares out of 201,589,011 shares in issue. Or 42.2 percent. Add in the 24 percent that the PIC controls and voila, there are only two shareholders who control the destiny of the company. This agreement just puts them on the same page essentially. Nice to have shareholders that are amicable, that is certainly very important.