Renergen took another step towards delisting yesterday after its shareholders voted in favour of the R1.9bn all-share offer made to Renergen shareholders by ASPI in return for all Renergen’s shares. The deal remains subject to a number of conditions but there was a new twist yesterday when Mahlako Gas Energy elected to exercise a put option on its Renergen shares, to sell its shares back to Renergen, a move the company is opposing. Mahlako invested R550m in Renergen for a 5.5% stake in Tetra4, Renergen’s operating arm, as a BEE investor in 2023. While the put price of the transaction has yet to be determined, Renergen’s negative cash position means it does not have the money to buy back the shares.
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