Minority shareholders in JSE-listed Cartrack have, so far, declined a mandatory offer by investment holding firm Karoo and Cartrack founder and CEO Zak Calisto to buy their shares as part of a mandatory offer at R13.44 a share.
Karoo, in which Calisto is the sole shareholder, has acquired a 68.2% interest in Cartrack for about R2.7-billion. Along with Calisto’s direct interest in Cartrack, he now owns 68.5% of the company.
This triggered the mandatory offer in terms of the Companies Act.
Shareholders holding a collective 28.12% interest in Cartrack have so far declined the offer, while no shareholders have given their support for the offer.
The mandatory offer will open on August 19 and close on September 27.