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Will Vox feel the sting? ADSL South Africa (Broadband South Africa), 29 March 2009 The major BEE (Black Economic Empowerment) investors in the JSE-listed telecoms group, Vox Telecom, cannot be happy campers considering that their investment in Vox is not performing as well as expected.
The BEE partners Vox cannot afford to lose… It’s clear from a recent Financial Week article that Vox can’t afford to lose its BEE partners, especially the Mvelaphanda Group, Lereko Metier Capital and Regiment Capital who invested more than R570m in Vox. It is no secret that the above-mentioned BEE investors were sitting on a paper loss of R435m when the Vox share price fell to a miserable 50c per share. The Vox share price recovered to levels around 84c per share on Friday (27/03/2009), but it’s still far from the 200c plus per share the BEE partners paid for their Vox shares in 2007. In fact, if the acquisition of the shares were done through debt financing then the mentioned BEE partners will be feeling even greater pain at the moment. |
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