The Western Cape High Court has dismissed an application by Cayman Islands-registered Sand Grove Capital Management to review the shareholder meeting that approved Heinken’s acquisition of Distell. Sand Grove argued that the scheme is invalid because Distell did not hold two separate meetings for the different classes. So, Sand Grove applied for leave for First National Nominees and Standard Bank Nominees to intervene as its co-applicants in the proceedings. READ | Heineken 'plans to unceremoniously snaffle' Distell, says Ninety OneBut the court also refused that application, saying it wouldn’t help the investment management company with its application. The court also ordered Sand Grove to pay the Distell and Heineken’s legal costs of R300 000 each.

Source: News 24 April 15, 2022 02:54 UTC