Imperial also reported that the disposal of 30percent of Imperial Logistics South Africa to a broad based black economic empowerment (BBBEE) partner was taking substantially longer than originally anticipated because of the complexity and size of the transaction.
It said a smaller transaction constituting only the energy, mining and chemicals businesses in Imperial Logistics South Africa was therefore being pursued with Afropulse Group, a black woman-owned business confirmed as the strategic BBBEE partner in the deal.
Imperial’s JSE shares closed yesterday at R158.96.
A total of 99.95percent of the 152.3 million shareholders voting at Imperial’s general meeting yesterday voted in favour of the special resolution to unbundle and separately list the two businesses.
Those voting at the meeting represented 72.67percent of the issued shares of Imperial, with 0.05percent voting against the resolution while 0.11percent abstained from voting.
This was the only outstanding issue for the implementation of the unbundling, with Motus, the motor business, listed separately on the JSE on November 22 and Imperial Holdings changing its name to Imperial Logistics.
In regard to the proposed BBBEE transaction, Imperial said Afropulse would subscribe for 25percent of the issued share capital in a new entity for R200million cash.
Commenting on the operating environment, Imperial said Imperial Logistics performed satisfactorily in mixed trading conditions.
Imperial said its performance was negatively impacted mainly by depressed consumer demand and lower volumes in South Africa.
Also contributing were significantly lower water levels on the Rhine River impacting the German shipping operations and the once-off impact of the Worldwide Harmonised Light Vehicle Test Procedure, a test to measure fuel consumption and CO2 emissions that resulted in substantially lower vehicle production volumes in the automotive business in Logistics International.