Lewis Group Limited, listed on the Johannesburg Stock Exchange (JSE) under the share code LEW, has announced a significant change in its shareholder structure. This follows the disposal of a portion of shares by Mianzo Asset Management (Pty) Ltd, reducing its beneficial interest in the company.
Key Details of the Transaction
The transaction was formally communicated to Lewis Group on July 10, 2024. Mianzo Asset Management (Pty) Ltd informed the company that it had reduced its stake, bringing its ownership down to 4.5% of the issued share capital. This notification complies with section 122(1) of the Companies Act No. 71 of 2008.
Regulatory Compliance
In accordance with regulatory requirements, Lewis Group promptly filed the necessary notice with the Takeover Regulation Panel. This action aligns with section 122(3)(a) of the Companies Act. Furthermore, the company adhered to paragraph 3.83(b) of the JSE Limited Listings Requirements.
Board Statement
The board of directors of Lewis Group has taken responsibility for the information disclosed. They have relied on the notice provided by Mianzo Asset Management and verified that the information is accurate. The board confirmed that nothing material has been omitted from the announcement.
Details of the Share Disposal
Mianzo Asset Management (Pty) Ltd, a significant stakeholder in Lewis Group, decided to reduce its beneficial interest. The firm now holds 4.5% of the company’s issued share capital. This move was formally communicated to Lewis Group on July 10, 2024.
Lewis Group Overview
Lewis Group Limited is a prominent retail company in South Africa. The company operates through several brands, including Lewis Stores, Best Home and Electric, and Beares. It provides household furniture, electrical appliances, and home electronics to consumers.
Table: Lewis Group Key Information
| Company | Lewis Group Limited |
|---|---|
| Registration Number | 2004/009817/06 |
| Share Code | LEW |
| ISIN Code | ZAE000058236 |
| Bond Code | LEWI |
| Equity Sponsor | The Standard Bank of South Africa Limited |
| Debt Sponsor | Absa Bank Limited |
Mianzo Asset Management Background
Mianzo Asset Management (Pty) Ltd is a private investment management firm. The firm has a history of significant investments in various sectors. Its decision to reduce its stake in Lewis Group is part of its broader investment strategy.
Regulatory Requirements and Compliance
Lewis Group’s compliance with regulatory requirements underscores its commitment to transparency. The Companies Act and the JSE Limited Listings Requirements mandate that companies disclose significant changes in shareholding. Lewis Group has fulfilled these obligations promptly.
Impact on Lewis Group
The reduction in Mianzo’s stake may have implications for Lewis Group’s shareholder dynamics. However, the company remains committed to its growth strategy and operational excellence. The board continues to focus on delivering value to all shareholders.
Conclusion
The recent announcement by Lewis Group Limited highlights a significant shift in its shareholder structure. Mianzo Asset Management’s decision to reduce its stake is a notable development. Lewis Group’s adherence to regulatory requirements and its commitment to transparency remain steadfast.