Cape Town - The Competition Tribunal on Monday dismissed Caxton CTP Publishers and Printers’ [JSE:CAT] urgent application to stop the listing of Novus Holdings on the JSE.
Media24 on February 18 2015 announced its intention to list its subsidiary Novus Holdings (formerly Paarl Media Group) on the JSE, and two weeks later issued a pre-listing statement.
On March 10 Media24 rival Caxton lodged an urgent application with the Competition Tribunal which effectively sought to
stop the listing.
Media24 CEO Esmaré Weideman said the tribunal's decision comes as no surprise. “The application had no merit.”
Novus chairperson Lambert Retief said Caxton shareholders should question the ongoing wasteful expenditure on litigation.
“Given the timing of the hearing on March 20, Novus Holdings granted eligible investors an extension to apply to participate in the offer. We now look forward to a successful listing,” said Weideman.
Weideman added that the listing of Novus Holdings is a natural next step in the evolution of the company’s printing operations.
“Market conditions for a listing are good right now and we look forward to offering our shareholders more transparent value of one of Media24’s biggest assets.”