Tiso Blackstar Group clarifies its position following misleading reporting
19 April 2018
Tiso Blackstar Group wishes to reiterate that it is performing well and ahead of expectations, contrary to misleading reports by Independent Media. Tiso Blackstar Group is truly committed to editorial independence and free speech, but a series of inaccurate reports about the Group by Independent Media’s titles have prompted us to set the record straight. We wish to highlight the fact that editorial decisions are made in line with a strict policy and with no intervention or influence by the Tiso Blackstar Group board, its CEO or its shareholders.
In summary:
Tiso Blackstar Group has stated consistently that its non-core assets are held for sale and will be realised when the timing allows, and the price is right. The fact that the sale of its interest in Kagiso Tiso Holdings (KTH) was not realised due to various factors has not put the business in an untenable position. The Group is not in debt rescue.
The Group’s decision to delist from Alternative Investment Market (AIM) of the London Stock Exchange was owing to the fact that less than 8% of Tiso Blackstar Group’s shares were held via this listing, and were adding limited value. It was decided by the Board, following consultation with key investors on the AIM register, that the costs of the secondary listing were not justified given this small shareholder base. The Group was similarly supported by local shareholders in cancelling the AIM listing. The AIM shareholder’s shares were transferred onto the JSE share register on cancellation of the AIM listing.