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| Share Name | Share Symbol | Market | Stock Type |
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| Blackstar | BLCK | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | 71.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| 71.00 | 71.00 |
| Top Posts |
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Posted at 12/4/2011 13:59 by poco a poco TIDMBLCK RNS Number : 6057E Blackstar Group PLC 08 April 2011 Blackstar Group Plc ("Blackstar" or the "Company") Result of General Meeting On 23 March 2011 Blackstar announced that its Board of Directors ("the Directors") had decided to seek a listing of Blackstar's Shares (the "Shares") on the Alternative Exchange of the Johannesburg Stock Exchange ("ALTx") with the aim of enhancing the liquidity of the market in the Shares and broadening the shareholder base of the Company. On that date, the Company also announced its intention to undertake a placing (the "Placing") of up to 15 million new shares largely to South African investors, in order to meet the ALTx requirement to maintain a sub-register in South Africa representing approximately 10 per cent of its issued share capital. As previously disclosed, in the interests of keeping the costs and timing associated with the Placing to a minimum, the Directors concluded that the Placing Shares should be placed with a limited number of potential investors which may include one or more existing shareholders, without offering all of the existing shareholders the opportunity to participate in the Placing on a pre-emptive basis. In order to proceed in this way, it was necessary to obtain shareholder approval for the disapplication of pre-emption rights at a general meeting of shareholders. At the general meeting of shareholders held earlier today, all resolutions were duly passed. The resolutions proposed were passed with over 99% of the votes cast in favour of each resolution. The Board continues to expect to have completed the Placing by the end of May 2011, with the ALTx Listing expected to take place in early June 2011. The Company will update shareholders on the progress of the ALTx Listing and the Placing as and when appropriate. For further information, please contact: Blackstar Group Plc John Kleynhans +352 402 505 427 Collins Stewart Europe Limited Nominated Adviser & Matt Goode Broker Owen Price +44 (0) 20 7523 8350 -------------------- This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 12/4/2011 13:58 by poco a poco TIDMBLCK RNS Number : 1939E Blackstar Group PLC 04 April 2011 Blackstar Group Plc Disposal of Investment Blackstar Group Plc ("Blackstar") is pleased to that it has entered into a conditional agreement with Robor (Pty) Limited ("Robor") to dispose of the Baldwins division, a 100% subsidiary of KMG Steel Service Centres (Pty) Ltd ("KMG") in exchange for an issue of 5% of the issued share capital of Robor. The agreement is subject to Competition Commission approval as well fulfillment of certain conditions in transaction of this nature. Background KMG, a 87% owned subsidiary of Blackstar, consists of two divisions namely Baldwins which focuses on carbon steel, Stalcor that trades in stainless steel and aluminum and a 100% held subsidiary called Global Roofing Solutions (Pty) Ltd ("GRS") a steel roofing specialist. Over the last two years KMG has struggled due to the depressed state of the South African construction industry. In light of this Blackstar reassessed its exposure with regards to this investment. The Baldwins division has been the problem area within KMG where all the trading losses occurred. Baldwins requires capital and a stable market for a turn around in its fortunes. In light of this Blackstar decided to sell the division. KMG's other subsidiaries, Stalcor and GRS are both profitable. Terms of the transaction The basic terms of the transaction will involve the sale of the Baldwin's (carbon) division (comprising fixed and intangible assets) to Robor in exchange for an issue of 5% of the shares in Robor with a value of approximately R50 million, based on the audited net asset value of Robor as at 30 September 2010. In addition, Robor will purchase Baldwin's carbon stock at the prevailing market rate in cash and assist KMG in collecting the outstanding debtors of the business at completion. The proceeds from collecting Baldwin's outstanding debtors will be used to settle trade creditors and repay a significant portion of KMG's working capital facilities. The 5% equity shareholding in Robor will be transferred to Blackstar from KMG and a Blackstar representative will join the board of Robor. Blackstar's equity stake in Robor will allow Blackstar to retain exposure to the turnaround in the Baldwin division. Robor is a diversified business with a strong balance sheet and pays regular dividends to its shareholders. The transaction will also permit the continued restructuring of KMG, and should enhance the profit potential of its remaining assets of Stalcor and GRS, and will allow Blackstar to separate its steel interests into two distinct areas, being Robor and KMG via its subsidiaries Stalcor and GRS. The Directors believe that a decentralised structure will result in annualised cost savings of approximately R100 million and will also allow each of these businesses to grow independently. Background on Robor Robor is the largest tube and pipe manufacturing business in Southern Africa, with a leading position in most of its markets. The majority of Robor's earnings are generated from the manufacture of small, bore-welded carbon and stainless steel tubing and piping using hot rolled steel supplied by Arcelor and Evraz. Additional earnings are generated from divisions focused on related products and services. Robor's products are used by a wide range of industries including construction, mining, automotive, agricultural, petrochemical, engineering, broad industrial, and general infrastructural projects such as power stations, railways and stadiums. Robor exports to over 50 countries worldwide. Robor was acquired from Barloworld Limited in 2006 by management and Rand Merchant Bank and has to date produced consistent returns for its shareholders under Rand Merchant Bank and management ownership Further information on Robor can be found on its website www.robor.co.za. The Transaction is expected to complete shortly and a further announcement will be made in due course. For further information, please contact: Blackstar Group Plc John Kleynhans +352 402 505 427 Collins Stewart Europe Limited Matt Goode +44 (0) 20 7523 8350 This information is provided by RNS The company news service from the London Stock Exchange END DISZMGGDGFZGMZM Blackstar Investors (LSE:BLCK) Historical Stock Chart 1 Year : April 2010 to April 2011 |
Posted at 12/4/2011 13:56 by poco a poco TIDMBLCK RNS Number : 4592D Blackstar Group PLC 23 March 2011 Blackstar Group Plc ("Blackstar" or the "Company") Trading update and proposal to obtain a listing on the ALTx of the Johannesburg Stock Exchange and proposed private placing of up to 15 million new shares. Trading Update The Company's main highlight in 2010 was the return from its investment in Litha Healthcare Limited ("Litha"). At year end, Blackstar owned 45% of Litha. The Litha share price increased some 193% from 1 January 2010 to 31 December 2010. Blackstar's investment in Litha is held using the equity accounting method. Had the investment in Litha been accounted for at fair value, it would have been valued at GBP38.9 million and this would have resulted in an additional gain of GBP24.5 million and an increase in net asset value of 33 pence per share at year end. However, Blackstar has been affected by our exposure to the steel industry though KMG Steel Service Centres (Pty) Ltd ("KMG"). KMG has continued to be negatively affected by the local steel market and depressed state of the construction industry. Blackstar's consolidated income statement will be adversely affected by the recognition of our share of KMG's losses for 2010 and the impairment of the KMG's intangible assets and goodwill recognised on acquisition, all of which have arisen as a result of KMG's poor performance. Subsequent to year end, Blackstar has facilitated a transaction that will involve the sale of one of KMG's divisions and the restructuring of the KMG group. The success of Litha together with the pleasing performance of certain of Blackstar's other investments, such as Ferro Industrial Products (Pty) Limited has more than offset the losses and write downs in KMG. Another notable highlight during the year was the realisation of Blackstar's indirect investment in Mvelaphanda Resources Limited, which generated an overall profit since acquisition of GBP8.5 million for Blackstar. During the year Blackstar continued its share buy-back programme with the repurchase of 4,317,495 shares representing5.5% of the Company's issued ordinary share capital. In addition Blackstar paid its maiden dividend of 0.065 pence per Share. Proposal to obtain a listing for the Shares on the ALTx The Company's shares (the "Shares") continue to trade on AIM at a significant discount to the net asset value per issued Share calculated by reference to the value of the Company's underlying investments as determined by the Board for the purposes of preparing the latest management accounts of the Company. In addition, the ten largest shareholders in the Company together hold in excess of 85% of the Shares in issue and this has resulted in the Shares being relatively illiquid which the Directors believe is one of the causes of the discount. The Directors believe that both the size of the discount and the concentration of the Company's shareholder base are exacerbated by the fact that South African investors are currently precluded from directly buying Shares due to South African exchange control restrictions. In the opinion of the Board, South African investors are likely to be more familiar than the typical AIM investor with the Company's assets as these mainly comprise investments in companies which are recognised operators in their respective industries in South Africa. Furthermore, the Company has developed a profile and brand in South Africa and is well known amongst South African institutional investors. The Directors are aware that there is growing interest in the Company from South African investors. The Directors have therefore decided to seek a listing of the Shares in issue on the Alternative Exchange of the Johannesburg Stock Exchange ("ALTx") which would enable South African investors to invest in the Company through the ALTx. The Directors consider that the ALTx listing in addition to the existing listing on AIM is likely to make investment in the Company more attractive to a broader range of investors, particularly South African investors with a greater understanding of Blackstar's asset base and management. The Directors expect this to unlock value for existing Shareholders through creating demand for the Shares which will help to enhance the liquidity of the market in the Shares and would accordingly be likely to broaden the shareholder base of the Company. Several comparable companies which have obtained listings on the ALTx have benefited from increased liquidity and demand for their shares, which has resulted in increases in their share price. The ALTx Listing will not affect the ability of shareholders to trade their Shares on AIM, and all shareholders will be able to trade through both AIM and the ALTx, provided they are entered on the South African sub-register. The Directors estimate that the additional cost of maintaining the ALTx Listing to be approximately GBP13,000 per annum, and they consider this to be an acceptable cost in light of the perceived benefits of the ALTx Listing. Proposed placing of up to 15 million Shares It is a requirement of obtaining the ALTx Listing that the Company maintains a sub-register in South Africa representing approximately 10 per cent of its issued share capital. To help meet this requirement, the Directors are planning a placing (the "Placing") of up to 15 million new shares which, when issued, will be included on the South African sub-register. The price at which these Shares will be issued will be no less than GBP0.85 per share (representing a premium of4.94% to the Share price at the close of business on 22 March 2011). If the Placing is subscribed in full, it is expected to raise gross proceeds of approximately GBP12.75 million for the Company (assuming an issue price of GBP0.85 per Share) and will result in an aggregate of 89.8 million Shares being in issue. The new Shares will, when issued, rank pari passu in all respects with the existing Shares, including the right to receive all dividends and other distributions thereafter declared, made or paid on such Shares. Blackstar has expanded its offering into fund management and the Company will apply the proceeds raised from the Placing to continue developing and growing its fund management business. In addition, Blackstar will also apply additional capital raised to fund investment opportunities in its pipeline most notably through Litha. The Board currently expects to have completed the Placing by the end of May 2011, with the ALTx Listing expected to happen by early June 2011. The ALTx Listing is not conditional on the Placing being completed. The Company will update shareholders on the progress of the ALTx Listing and the Placing as and when appropriate. Under the rules of the ALTx, the Company is required to produce a prospectus to accompany its admission to trading on the ALTx. The prospectus will be distributed to Shareholders in due course. In the interests of keeping the costs and timing associated with the Placing to a minimum, the Directors have concluded that the Placing Shares should be placed with a limited number of potential investors which may include one or more existing shareholders, without offering all of the existing shareholders the opportunity to participate in the Placing on a pre-emptive basis. In order to proceed in this way, it is necessary to obtain shareholder approval for the disapplication of pre-emption rights. Accordingly, a circular will be distributed to all shareholders detailing the resolutions that will need to be passed at a general meeting that will be held on 8 April 2011 to implement the proposals detailed in section 2 above. The Board believes that the proposed resolutions are in the best interests of the Company and its shareholders. Accordingly, the Board recommends that shareholders vote in favour of the resolutions to be proposed at the general meeting, as they intend to do in respect of their own holdings of 974,486 Shares (representing approximately 1.3 per cent. of the Shares in issue). Management have consulted with the holders of a majority of the Shares of Blackstar and they have indicated that they are happy with the proposals set out in the circular and will vote in favour of the resolutions. Blackstar Managers Limited and funds associated with Andrew Bonamour have indicated that they will vote in favour of the resolutions in respect of their holdings amounting, in aggregate, to 16,077,993 Shares (representing 21.5 per cent. of the Shares in issue). For further information, please contact: Blackstar Group Plc John Kleynhans +352 402 505 427 Collins Stewart Matt Goode +44 (0) 20 7523 Europe Limited 8350 Nominated Adviser & Broker |
Posted at 19/3/2008 07:37 by gac100 Preliminary resultsNAV per share 133p at 31-Dec-07 (Previously 129p at 30-Sep-07; 101p at 31-Dec-06) "The underlying investments performed well over the period under review showing, that despite world market weakness, the infrastructure story in South Africa remains strong ... We continue to believe that attractive opportunities exist in South Africa where investors can earn above average returns. We predict 2008 will be a difficult year given the power shortages in South Africa and the upheaval in the world markets. In South Africa, the government's fixed investment spend continues, reaching 21.2% of GDP in the third quarter of 2007. Real fixed investment spending should grow another 13% to 16% this year. This growth will benefit many of Blackstar's investments." |
Posted at 30/10/2007 08:48 by rambutan2 30 October 2007Blackstar Investors plc ('Blackstar' or the 'Company') Investment Update Kulungile Metals Group ('KMG') The Company is pleased to announce that Kulungile Metals Group, in which Blackstar has a significant stake, has today agreed to acquire Global Roofing Solutions (Propriety) Limited ('GRS') ('the GRS Acquisition') via a leveraged buy-out for a consideration of R190 million (£14 million). Of the total consideration of R190 million, R80 million (£6 million) will be made up of debt, provided by ABSA Bank Limited, with the balance of R110 million (£8 million) provided as equity funding by Blackstar. Following the completion of the GRS Acquisition, Blackstar's total investment into KMG will be R259 million (£19 million). Blackstar will continue to hold 49% of the ordinary share capital and all of the preference shares in KMG. KMG will have three years to pay back the preference shares held by Blackstar relating to the GRS Acquisition. At the end of three years, Blackstar will ratchet up its investment in the ordinary share capital from between 49% to between 60% and 75%, depending on the amount of preference share capital repaid to Blackstar at the end of three years. Initially Blackstar acquired KMG with the view to it being a platform to acquire other strategic assets and thereby transforming KMG into a substantial steel focused industrial group whose operations span the African continent. GRS consists of two leading South African metal roofing manufacturers as well as one of the only steel coil paint lines in South Africa. It is one of the biggest metal roofing suppliers in Southern Africa. GRS exports to over 15 countries worldwide and has established itself as a global supplier of roofing products. In the past two years GRS's exports into Africa have increased substantially and the continent is a high growth market for the group. The successful GRS Acquisition would substantially increase the size and margins of the KMG group and would give the group a global footprint. GRS has the capacity to expand and is opening a factory in East London to service the Coega Industrial Development Zone. Coega is South Africa's premier location for new industrial investments covering 11,000 ha of land. The new factories to be built will all require roof cladding and other steel requirements which the combined group can provide. The roofing sector of the steel market has been growing at 25% p.a. in South Africa for the past two years and this is set to continue. Demand is also growing from Africa and GRS have a number of large contracts in Africa. GRS is ideally positioned to take advantage of infrastructure projects currently underway on the continent. GRS is one of the few producers of high end durable roof sheeting and this will be used in the soccer stadiums, factories and Coega amongst other uses. GRS exports to over 15 countries worldwide and has established itself as a global supplier of roofing products, in the past two years GRS's exports into Africa have increased substantially. Through its broad South African design and manufacturing base, GRS is in the process of establishing manufacturing facilities and licensees throughout Africa, thereby fully utilising its expertise and technology in other countries on the continent. In relation to the GRS Acquisition, Andrew Bonamour commented: 'There are a number of synergies, cost savings and economies of scale that will come from the acquisition. KMG and GRS can springboard off each other and gain access to areas where they were previously weak and particularly in other countries on the African continent that are experiencing a high demand for steel products.' ADreach Group (Pty) Ltd ('ADreach') In addition, the Company is pleased to announce that it has agreed to acquire 15% of the ordinary share capital of ADreach along side highly regarded and well known businessmen such as Cyril Ramaphosa and Jonathan Beare for a cash consideration of R37.5 million (£2.8 million). ADreach is an international media enterprise that specialises in outdoor advertising. ADreach is recognised as one of South Africa's largest outdoor media owners, boasting significant black economic empowerment credentials and a presence in the local and global outdoor media industry. In South Africa ADreach operates in a unique segment of the media market offering outdoor advertising mainly through the use of Government owned street poles. ADreach utilises street poles on high traffic volume routes and strategic locations to place their advertising space. Contracts for these street poles have been secured with the South African local government which grants ADreach exclusive use of the street poles on a long term basis, in some cases for the next 12 years with the option to renew the contract at the end of the period. This gives ADreach regional monopolies in this type of advertising space. The audience for outdoor advertising has grown significantly in recent years as people become increasingly urbanised. This trend is particularly strong in the developing world like South Africa, where people are migrating in growing numbers toward large urban centres. Furthermore, people are becoming more and more mobile and are spending more time outside of their homes, whether driving or walking on the street, or in trains, railway stations, or airports. Outdoor advertising displays have rapidly developed in city centres, along highly-traveled roads, in airports, shopping malls, supermarkets and car parks. Supported by this phenomenon of increased mobility, the audience for outdoor advertising will continue to grow in years to come. As many studies show, outdoor advertising continues to benefit from the increasing fragmentation of 'in-home' advertising, where increasing numbers of cable, satellite, and broadcast television channels, as well as Internet sites, compete for the viewer's attention. In this environment, outdoor advertising becomes the only mass medium that consumers will find difficult to avoid, leading to significant opportunities for growth, thereby rendering it more attractive than traditional mass media. This can be seen by the growth in outdoor advertising spend as a percentage of total advertising spend from 3.5% in 2003 to 6% in 2007. This growth is likely to be further entrenched by the build up to the 2010 soccer world cup. Andrew Bonamour, Managing Partner of Blackstar Managers, stated: 'World wide media assets are scarce resources and therefore highly sought after which generally command high premiums due to the high barriers to entry. In South Africa the government has restricted the amount of advertising space available on billboards. ADreach is an attractive company boasting significant BEE credentials which Blackstar will use as a platform for ADreach to develop and grow into a significant, diversified media enterprise.' |
Posted at 26/10/2007 11:02 by rambutan2 26 October 2007Blackstar Investors plc ("Blackstar" or the "Company") Trading Update and Fundraising The Directors are pleased to announce that Blackstar has now invested or has committed to invest approximately 87% of the net funds raised in 2006. The Directors believe that the net asset value as at 30 September 2007 exceeds the 127p per share as reported in respect of the period ended 30 June 2007. South Africa's economy is anticipated to continue to grow with significant investment within its infrastructure. Blackstar has already demonstrated a strong track record of successful investment within sectors and industries that are expected to benefit from this infrastructure spend. In addition, Blackstar continues to have a pipeline of attractive opportunities for further investment within the South African economy. As a result, the Directors are currently considering raising further funds for investment. This is likely to be in the form of a new class of share which will invest in its own pool of assets to avoid dilution to existing shareholders. Julian Treger is devoting more of his time to developing Audley Capital and is therefore unable to commit as much time to Blackstar as hitherto and has therefore moved to become Deputy Chairman. He will be actively involved in the current fundraising and remains committed to the Company's success. John Mills has been appointed Chairman. John Broadhurst Mills, aged 38, has been a non-executive director of Blackstar since December 2005 and has been actively involved in implementing its strategy and developing its portfolio of investments. He obtained his BCom and LLB degrees at the University of Stellenbosch in South Africa. Qualified as a South African advocate and an English solicitor, he has worked since 1991 for Maitland, a legal, fiduciary asset management and fund services firm. He is currently a director of Maitland Luxembourg SA and of various Luxembourg and ISE listed investment funds. Mr Mills has extensive experience in planning, implementing and administering international structures, particularly in his core areas of expertise which are offshore investment funds, international estate planning and structuring for both private and corporate clients. |
Posted at 11/9/2007 22:27 by rambutan2 yes, good interims and update...Blackstar Investors H1 pretax profit 20.8 mln stg vs 727,000 stg LONDON (Thomson Financial) - Blackstar Investors PLC said its first-half pretax profit rose as results were boosted by good trading opportunities and a buoyant South African market, adding that it continues to look at growing the business both organically and through selected acquisitions. The company, which invests in black empowerment enterprises in South Africa, posted a pretax profit of 20.84 mln stg for the six months-to-June 30, against 727,000 stg last year. It said it made an investment gain of 25.5 mln stg over the period and its net asset value (NAV) rose to 127 pence per share from 93 pence. |
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