{"id":2663,"date":"2016-06-10T07:36:37","date_gmt":"2016-06-10T06:36:37","guid":{"rendered":"http:\/\/vasariglobal.com\/?p=2663"},"modified":"2016-10-17T07:54:28","modified_gmt":"2016-10-17T06:54:28","slug":"hosken-disposes-kwv-assets-drinks-industry-veteran","status":"publish","type":"post","link":"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/","title":{"rendered":"The art of deal-making"},"content":{"rendered":"
[vc_row][vc_column width=”1\/6″ offset=”vc_hidden-xs”][\/vc_column][vc_column width=”2\/3″ el_class=”newsItemMainColumn”][vc_column_text el_class=”darker-text”]The sale of Paarl-based liquor company KWV Holdings\u2019 operating assets to Vivian Imerman\u2019s Vasari\u00a0Group for R1, 1bn is a show stopper of a transaction.[\/vc_column_text][vc_single_image image=”1732″][vc_column_text]Imerman\u2019s wide experience in liquor and fast\u00a0moving consumer goods could add a new dimension of profitability to the KWV operating assets. But\u00a0there is a fascinating sideshow that is about to unfold at KWV \u2013 scripted around the fate of the\u00a0company\u2019s so-called \u2018heritage assets.\u2019<\/p>\n
\n

While Imerman is dead keen on fortifying the operational capacity of KWV\u2019s sprawling production\u00a0acilities, barrels of stock and award winning brands, the SA-born entrepreneur is not interested in the\u00a0company\u2019s \u2018unproductive\u2019 assets. This means KWV will, for now, hang onto its investment properties\u00a0like Laborie and La Concorde in Paarl, as well as a stunning art collection comprising a wide selection\u00a0of top local artists.<\/p>\n

Although it\u2019s virtually impossible to officially value the heritage assets via the KWV balance sheet, a\u00a0price tag of around R250m has been placed by market watchers on the collective \u2018heritage assets\u2019.<\/p>\n

So what will happen to these valuable assets?<\/p>\n

KWV is controlled by Niveus Investments, which \u2013 in turn \u2013 is controlled by empowerment giant\u00a0Hosken Consolidated Investments (HCI.) Minority shareholders that make up around 40% of KWV\u2019s\u00a0issued shares are unlikely to want to hold shares in a company comprising a massive cash pile and\u00a0heritage assets that generate no revenue.<\/p>\n

Consequently, speculation is rife that KWV could pay an initial special dividend to its shareholders,\u00a0after which HCI\/Niveus may be tempted to make an offer to buyout the minority shareholders.<\/p>\n

Another option is for KWV to commit to paying out the proceeds of the Imerman acquisition \u2013 settled\u00a0on a staggered basis \u2013 to shareholders. This may also entail a commitment to sell off the legacy\u00a0assets. HCI \u2013 which has a growing property portfolio \u2013 could conceivably make an offer to acquire\u00a0Laborie and La Concorde. Or the buyout offer could be pitched by Niveus, which has a broad leisure\u00a0slant via its interests in gaming assets.<\/p>\n

The art works could be sold piecemeal \u2013 depending on demand for specific local artists \u2013 or sold on\u00a0auction.<\/p>\n

HCI\/Niveus make an honourable exit from KWV via the Imerman deal, having acquired around 33%\u00a0of KWV (from PSG controlled Zeder) at around R11\/share in 2011 and then increasing its stake to\u00a057% by buying shares at far lower price levels in recent years. The Imerman offer equates to around\u00a0R17\/share with another R4\/share attached to the remaining heritage assets.<\/p>\n<\/div>\n[\/vc_column_text][vc_column_text el_class=”arrowLink” css=”.vc_custom_1476687235848{margin-top: 10px !important;}”]View Original Article<\/a>
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[vc_row][vc_column width=”1\/6″ offset=”vc_hidden-xs”][\/vc_column][vc_column width=”2\/3″ el_class=”newsItemMainColumn”][vc_column_text el_class=”darker-text”]The sale of Paarl-based liquor company KWV Holdings\u2019 operating assets to Vivian Imerman\u2019s Vasari\u00a0Group for R1, 1bn is a show stopper of a transaction.<\/p>\n","protected":false},"author":2,"featured_media":2669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"post_series":[],"yoast_head":"\nThe art of deal-making - Vasari Global<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The art of deal-making - Vasari Global\" \/>\n<meta property=\"og:description\" content=\"[vc_row][vc_column width=”1\/6″ offset=”vc_hidden-xs”][\/vc_column][vc_column width=”2\/3″ el_class=”newsItemMainColumn”][vc_column_text el_class=”darker-text”]The sale of Paarl-based liquor company KWV Holdings\u2019 operating assets to Vivian Imerman\u2019s Vasari\u00a0Group for R1, 1bn is a show stopper of a transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\" \/>\n<meta property=\"og:site_name\" content=\"Vasari Global\" \/>\n<meta property=\"article:published_time\" content=\"2016-06-10T06:36:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-10-17T06:54:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/vasariglobal.com\/wp-content\/uploads\/2016\/06\/308cdc2251684dd96caa0ae895cbd2df2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"438\" \/>\n\t<meta property=\"og:image:height\" content=\"240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jess Imerman\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jess Imerman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\"},\"author\":{\"name\":\"Jess Imerman\",\"@id\":\"https:\/\/vasariglobal.com\/#\/schema\/person\/11881448c0b46773095b095d2b8ab48a\"},\"headline\":\"The art of deal-making\",\"datePublished\":\"2016-06-10T06:36:37+00:00\",\"dateModified\":\"2016-10-17T06:54:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\"},\"wordCount\":504,\"publisher\":{\"@id\":\"https:\/\/vasariglobal.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/vasariglobal.com\/wp-content\/uploads\/2016\/06\/308cdc2251684dd96caa0ae895cbd2df2.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\",\"url\":\"https:\/\/vasariglobal.com\/news\/hosken-disposes-kwv-assets-drinks-industry-veteran\/\",\"name\":\"The art of deal-making - 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