Latest news with #Novus
IOL News
29-04-2025
- Business
- IOL News
Novus Holdings wins High Court appeal against TRP ruling on Mustek takeover
JSE-listed Mustek is the target of a takeover bid by packaging and printing company Novus Holdings, which is in turn seeking to diversify from its printing, packaging and tissue manufacture businesses. Image: Supplied Novus Holding, the printing, packaging and tissue manufacturer, has won a High Court appeal to overturn a decision taken by the Takeover Regulation Panel (TRP), to withdraw its approval of the takeover of ICT distributor company Mustek. On March 28, 2025, the TRP had ruled that it had 'unilaterally withdrawn' its approval of Novus' announcement on November 15, 2024, to acquire Mustek, and it had asked that Novus publish a revised offer. Novus had originally made a mandatory offer to Mustek shareholders for shares it did not already own, of R13 cash per share, or R7 in cash plus one Novus share, or two Novus shares per Mustek share. Novus has pursued Mustek as part of a strategic diversification strategy. Novus 'strongly disagreed' with the TRP ruling and appealed the ruling at the High Court on an urgent basis, 'on the grounds that it was improper.' The appeal was heard on April 25, 2025. The High Court declared the TRP ruling unlawful, unconstitutional, and set aside, on April 26. The court order directed Novus to post an offer circular reflecting its firm intention announcement (FIA) and supplementary FIA dated March 6, 2025, within five days of the date of the order. The TRP was ordered to pay the cost of the application, including the cost of two counsel. Novus said it would engage with the TRP to publish its circular to Mustek shareholders as soon as possible. The TRP, according to the Novus statement, was evaluating the High Court's decision and how it affected its regulatory authority. However, the TRP had indicated it would take the necessary steps to avoid delaying the transaction or allegations of contempt of court, while reserving the right to reconsider the issue once the court shared its reasoning for its decision with the involved parties. Novus' share price fell by 3.7% to R6.56 Tuesday afternoon. Mustek's share price was 1.74% lower at R13.50, well up from the R8.98 that it traded at a year before on the same day. In the six months to December 31, 2024, Mustek's headline earnings per share fell 74.3% to 23.47 cents, after revenue fell 14.1% to R3.66 billion. The company said at the time it was under pressure due to challenges posed by global and local economic conditions. These had included persistent inflation, high interest rates, sluggish economic growth, and fluctuating consumer and investor confidence, both in South Africa and internationally.
AU Financial Review
27-04-2025
- Business
- AU Financial Review
Novus seeks $1bn for Sydney Metro-adjacent build-to-rent projects
Build-to-rent player Novus has hit the pavement to raise $1 billion plus for three projects across Sydney and Melbourne, tapping into inbound interest from Asian and North American institutional investors. The group, a partnership between property developer Aliro Group and two ex-Mirvac employees, Adam Hirst and Jason Goldsworthy, has hired investment bank Jarden and Chicago-headquartered Cushman & Wakefield to market the deal and oversee an international capital raising process.
Yahoo
24-04-2025
- Business
- Yahoo
Caddick Construction begins work on T45 urban logistics development in UK
Civil engineering company Caddick Construction has initiated work on the T45 urban logistics development in Leeds, UK, a project of developer Chancerygate. Scheduled for completion in early 2026, the development is set to enhance the local business district with 23 new commercial units, with a range of unit sizes from 4,450ft² to 34,000ft². The T45 scheme will encompass 223,000ft² across an 11.1-acre site and represents the fourth collaboration between Caddick and Chancerygate. Caddick Construction has a history of projects with Chancerygate, including the £4.5m ($6m) Gateway 44 logistics hub and Costa Coffee drive-through in Carlisle, the £7.8m Mersey Reach industrial scheme in Aintree, and the £10.7m Novus development in Knutsford. The company is currently constructing a £42m manufacturing facility for Schneider Electric in North Yorkshire and is close to completing a £28m facility for YARA International in Howden, which is stated to be the UK's 'largest speciality' fertiliser plant. Caddick Construction Yorkshire and North East regional managing director Steve Ford said: 'Chancerygate is responsible for a huge number of impressive industrial and logistics developments, fulfilling an ambition to provide tenants with high-quality and forward-thinking logistics solutions.' 'These values are ones that are echoed here at Caddick, and over the years we've been responsible for bringing forward state-of-the-art logistics schemes that are always built with the end-user in mind. Marking the fourth development delivered for Chancerygate, Caddick's appointment to T45 is a testament to the trust and confidence built by our team and our track record of delivering consistently high-quality developments for our clients.' Chancerygate development director Chris Brown said: 'T45 marks the first multi-let urban logistics scheme to be delivered in Leeds on this scale for a generation, and is Chancerygate's first new build development in Yorkshire.' In January 2025, Caddick started an £8m contract to construct a new warehouse for photo printing specialist Max Spielman in Wirral, UK. Caddick Construction Group has also recently reported a 12% increase in annual turnover, reaching £356m ($468.4m) for the year ending 31 August 2024. "Caddick Construction begins work on T45 urban logistics development in UK" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Euronews
05-02-2025
- Politics
- Euronews
Fact check: Do nearly 80% of refugees in Sweden holiday in their home country, as Elon Musk claims?
Almost 80% of 'refugees' go on vacation to the country they claim to have fled from," Elon Musk declared on X last week. The South Africa-born billionaire's statement — which implies that the majority of Swedish refugees are playing the system — has caused a stir and amassed more than 54 million views. But EuroVerify has debunked the figure to reveal that it was taken out of context. In 2022, conservative news outlet The Bulletin commissioned Swedish research firm Novus to survey 1,050 foreign-born Swedes. The survey revealed that 79% of refugees had visited their home country since arriving in Sweden. However, the data also showed that most respondents had come to Sweden more than 15 years ago. The vast majority arrived before 2010, hailing from countries that are now safe and can be freely visited. A long history of taking in refugees With a population of 10.6 million people, Sweden has a long history of taking in refugees. Many Chileans moved to Sweden following the refugee waves caused by dictator Augusto Pinochet's regime from 1973 to 1990. Today, Sweden is home to the third largest Chilean community in the world, with some 45,000 living in the country. Meanwhile, Chile has become a major tourist destination, and Freedom House ranks it as a 'stable democracy'. The wars in the former Yugoslavia in the 1990s also led to a large influx of refugees to the Scandinavian country. Over 100,000 Bosnians and some 3,600 Kosovo Albanians were granted asylum at the time, while more than 61,000 Swedes have family from the former Yugoslavia. Contrary to Musk's claim, the survey did not ask refugees whether they had holidayed in their home country but if they had 'visited' it. There is also a big difference between refugees and asylum seekers, experts say. 'There's nothing wrong with the research and the article is quite clear as well, but it's really easy to just say refugee equals current asylum seeker and that is not true', Novus CEO Torbjörn Sjöström told Euronews. Once refugees have permanent Swedish residency, they can live there without limitations. Their status differs from that of asylum seekers, who might have fled political persecution or war in their home country, among other reasons, but don't have the legal status of refugees. 'The wars in the Balkans were decades ago, but many asylum seekers who came to Sweden now have permanent residency. Today the conflict is over, but they have learned the language and created a new life in Sweden. So it's understandable that they would go and visit their family and friends who stayed in the country during the conflict', added Sjöström. Sweden's immigration policy changed In December, Swedish Migration Minister Johan Forssell, who hails from the centre-right Moderate Party, said refugees 'abuse' the system by taking holidays in their home countries but added that it was hard to say 'how widespread' the issue was. Sweden's Ministry for Migration and migration agency Migrationsverket did not respond to Euronews' request for comment. Sweden's centre-right coalition government, propped up by the hard-right Swedish Democrats (ECR), has continuously called for tighter migration policies. In 2015 the country revamped its asylum-seeking policy, moving to a much stricter stance on application processing. In November 2015, Sweden's former Prime Minister Stefan Löfven stated that the country's asylum regime would revert to the 'EU minimum'. This policy shift came after Sweden hosted record numbers of asylum seekers in 2015 — more than 160,000 people — from Afghanistan, Iraq and Syria. In Europe, the fall of Syrian dictator Bashar al-Assad's regime last month sparked a fiery debate on what status refugees should have once a conflict draws to a close. Last month, Austrian caretaker Minister of Interior Gerhard Karner announced the suspension of family reunification and the introduction of a new "programme of orderly repatriation and deportation" for around 40,000 Syrians who have been granted protection in the last five years. More than one million Syrians have sought refuge in Europe since 2015.
