Johannesburg - The good news never stops. Shareholders of New Africa Investments Limited (Nail) were yesterday given a special dividend payment of R1.12 a share and can look forward to another windfall once all remaining assets have been sold.
"We will make cash available to shareholders as and when it is available. They should expect more dividend payments," Ashley Mabogoane, Nail's chairman, said yesterday at the annual general meeting.
The company could generate more cash from the three remaining assets that are up for sale. The assets are Nail Outdoor, a stake in radio station Kaya FM and a shareholding in car rental business Hertz.
The company estimated that these investments were worth R108 million. It is in talks with various interested parties that are keen to buy the assets.
Yesterday, Nail shareholders voted 61 percent in favour of the remuneration of directors and other items of ordinary business.
The annual general meeting approved Saki Macozoma's total package of more than R2.3 million in the year to December. Macozoma resigned in May as chief executive.
Shareholders approved the combined package of R2.8 million for Kenny Setzin and Raymond Kevan, the Nail directors in charge of the day-to-day running of the company.
The company directors were reappointed as expected. Most were reappointed in their absence. These directors include Fani Titi, Gloria Serobe, Louisa Mojela and Saki Macozoma.
Macozoma remains Nail's non-executive director. Two weeks ago he led the Tutuwa empowerment consortium, which bought the equivalent of 4 percent of the local operations of Standard Bank.
During the year Nail has managed to dispose of nearly all its assets housed in five divisions.
Mabogoane said the disposal of the company assets had been the right approach because value had been maximised for shareholders.
Nail is now controlled by the Tiso-led consortium consisting of Tiso Group, Multidirect Investments, Newshelf 730, Investec Bank, Capricorn Capital Partners (which is related to Hollard), and Safika Holdings.
Nail was untraded at R1.40 a share yesterday. The media and entertainment sector rose 0.99 percent.