ON THE EDGE

No new boss for Bulls

Thu, 20 Sep 2012 13:46
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Any rumours of a change in the control of the Blue Bulls is factually incorrect
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The Blue Bulls Rugby Union has dismissed rumours of a possible 'takeover'.

Here's the BBRU statement in full: "It has come to the attention of the Blue Bulls Rugby Union (“BBRU”) that, pursuant to the announcement of a proposed transaction between Remgro Ltd and Kagiso Media Ltd, wild rumours and speculation arose regarding a perceived change in the control of the Blue Bulls Company (Pty) Ltd.

The BBRU which holds a 50 percent shareholding in the Blue Bulls Company (Pty) Ltd, has been prompted by these rumours and speculation to inform its supporters and other stakeholders of the following facts:
* The BBRU and Bull Rugby Holdings (Pty) Ltd, each holds 50 percent of the shareholding in the Blue Bulls Company (Pty) Ltd.  The Blue Bulls Company (Pty) Ltd is primarily responsible for the management of professional rugby within the jurisdiction area of the BBRU.
* The proposed transaction, as understood by the BBRU could result, after all conditions precedent thereof have been fulfilled, in a change in control of the MARC Group Ltd, which is the controlling shareholder of Bull Rugby Holdings (Pty) Ltd.
* In terms of the Shareholders Agreement of the Blue Bulls Company (Pty) Ltd, the written approval of the BBRU is required for any change in the control of the holding company of Bull Rugby Holdings (Pty) Ltd.  
* No formal request for approval of the change in the control of the ultimate holding company of Bull Rugby Holdings (Pty) Ltd, namely the MARC Group Ltd has been received by the BBRU and no such approval has been given by the BBRU.
* Please also take note that the shareholding which the BBRU holds in the Blue Bulls Company (Pty) Ltd is not in any way the subject matter of any transaction.
* Any rumours and speculation of a change in the control of the Blue Bulls Company (Pty) Ltd is not only premature but also factually incorrect.

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