Caxton acquires 34% stake in Moneyweb

Alt-X listed Internet publishing company Moneyweb Holdings and Caxton Publishers & Printers Ltd have sealed a partnership to build, manage and operate an online presence for Caxton-owned local newspapers.

As part of the transaction, Caxton and its associates will acquire 34% of Moneyweb amounting to 30.8m shares at 68c each, for an amount of R21m payable in cash.

Caxton CEO Terry Moolman and head of Caxton’s publishing operations, Piet Greyling, will join the Moneyweb board of directors.

The deal builds on a seven and a half year partnership during which Moneyweb has produced the business news section of Caxton’s daily newspaper, The Citizen.

Moneyweb executive chairman Andrew Smith says: “This represents an important step forward in the evolution of our business. This deal will leverage those competencies we have built up as a converged Internet publishing company with the position that Caxton’s community newspapers enjoy across the country. Caxton’s purchase increases net cash holdings to almost R28m, available for many possible exciting opportunities both locally and internationally.”

 

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Caxton acquires 34% stake in Moneyweb