Caxton sold about R100 million of shares in the Times Media Group (TMG) between June and December last year, Business Day reported yesterday. According to the newspaper, Caxton bought a significant stake in TMG from Mvelaphanda last January, when TMG was trading at less than R14. It traded between R18.60 and R21 from the end of June to December. On Monday, a TMG share cost R19.90. The newspaper reported |that while Caxton held about 14.7 million shares (an 11.6 percent stake) in TMG at the end of June, it owned 9.5 million shares (just over 7 percent) by the end of last month. The newspaper reported that Caxton also in effect blocked a TMG bid to buy Ramsay Media, which publishes magazines, including Getaway and Car, to try to draw synergies with its own motoring platform, which includes Ignition. However Caxton, which was a 30-percent shareholder in Ramsay Media, exercised its pre-emptive rights to buy the Ramsay family's remaining 70-percent stake. The newspaper reported that talk in the market was that Caxton intended to expand its digital platform. - Sapa Daily News
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