Sovereign Foods Synapping it up
Watch carefully, this gets a bit tricky. But it appears that rival Country Bird may be taking a more than passing interest in the struggling PE-based poultry producer Sovereign Foods. In September, you see, Synapp International, registered in the British Virgin Islands, snapped up 1.5million-odd shares in Sovereign, representing around 1.9% of the equity, and Synapp, as you had by now no doubt twigged, is the controlling shareholder at Country Bird Holdings, with 63% of the stock. And in 2009, you will recall, CBH made a hostile attempt at gaining control of Sovereign. Sovereign shares have fallen to 400c per on the JSE, and that is the level at which Synapp seems eager to buy.
Comment: So watch this space, kiddywinkses. Especially you, Rainbow.