Capespan Investors in Talks That May Cause Stock to Move

Capespan Group Ltd., South Africa’s biggest fruit exporter, said its investors are in undisclosed talks that may cause its share price to move.

“There are ongoing talks among shareholders,” Angelo Peterson, Capespan’s spokesman, said by phone from Cape Town today, declining to provide more details. Shareholders should exercise caution when dealing in Capespan’s stock until a further announcement is made, closely held Capespan said on its website today, without giving more information.

Total Produce Plc raised its stake in the company to 20 percent from 15 percent, Johannesburg-based Financial Mail reported last week. Zeder Investment Ltd., which holds 40 percent of Capespan according to the Financial Mail, and Bidvest Group Ltd., which holds 7.9 percent, have bid for the company. Shares in Capespan have doubled to 2.40 rand since August 2010, according to its website.

Antonie Jacobs, Stellenbosch-based Zeder’s chief executive officer, Bidvest Finance Director David Cleasby and Total Produce Finance Director Frank Davis weren’t immediately available when Bloomberg News phoned seeking comment today.

Bidvest offered to buy 50 million Capespan shares, or 15 percent of the company, at 2.40 rand a share, Cleasby said in a Aug. 29 interview. The offer was submitted via the fruit exporter’s website, as the company is not listed on a stock exchange and trades its securities over the counter.

Zeder offered to buy all the Capespan shares it did not already own at 2.25 rand per share, it said in a statement published on June 14. Bidvest should speak to Capespan’s major shareholders about buying the company, said Jannie Mouton, chairman of Zeder, on Aug. 30.

South Africa is the world’s second-biggest citrus fruit exporter.

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