{"id":13779,"date":"2022-03-02T17:10:29","date_gmt":"2022-03-02T17:10:29","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight"},"modified":"2022-03-02T18:22:47","modified_gmt":"2022-03-02T18:22:47","slug":"hope-for-ster-kinekor-in-sight","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight","title":{"rendered":"Hope for Ster Kinekor in sight"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>SOUTH African and Namibian movie-goers can breathe a sigh of relief, as a N$250 million deal is on the table to save Ster Kinekor.<\/p>\n

On Monday, business rescue practitioner Stefan Smyth revealed that Blantyre Capital, in partnership with Green Point Capital, had offered to buy the movie business with a N$250 million senior secured debt facility.<\/p>\n

Ster Kinekor creditors get to vote on a business rescue plan (BRP) on 9 March. The movie company, which holds some 65% of the cinema market in South Africa, filed for business rescue in January last year after the business was decimated by the Covid-19 pandemic.<\/p>\n

The offer forms the basis of the BRP that was published on 28 February. In December, Smyth announced an updated offer by Blantyre Capital and Green Point Capital for the movie firm.<\/p>\n

As part of the transaction, the shares in Ster Kinekor would be transferred from the existing shareholders to the investors, which results in full ownership of the equity in Ster Kinekor by Blantyre and Green Point Capital.<\/p>\n

Blantyre Capital is a London-based special situations investment firm, while Green Point Capital is a Cape Town-based specialist private credit investment management firm.<\/p>\n

\u201cThe facility provides the quickest and most efficient manner to exit Ster Kinekor from business rescue and return it to solvency, while also seeking to maximise recoveries to pre-business rescue and ongoing trading creditors of the business,\u201d said Smyth.<\/p>\n

This comes as South Africans return to movie theatres post-Covid. Early last month, weekly attendance performance had returned to pre-holiday season levels, which were good, the BRP noted.<\/p>\n

Films like ‘Encanto’, ‘Scream 5’ and ‘Sing 2’ remained in the top five films every week. Led by ‘Super-Man’, these blockbusters were meeting and exceeding their weekly forecasts, with management expecting them to continue pulling in movie-goers ahead of anticipated forecasts, Smyth said.<\/p>\n

With the continued opening of cinemas and the release of further blockbusters, Smyth said he was encouraged that Ster Kinekor would regain its entertainment position across South Africa.<\/p>\n

He added that if the BRP was successfully voted on by the creditors, the transaction would provide much-needed security to the 776 employees currently employed at Ster Kinekor.<\/p>\n

It would also return the company to solvency and provide a growth platform for Ster Kinekor, underpinned by a strengthened balance sheet, which should provide the business to regain lost growth during the pandemic and expand where feasible.<\/p>\n

The rescue plan, if successfully accepted by creditors and implemented, would see funds distributed in accordance with Section 135 of the Companies Act and estimated that secured creditors, namely Rand Merchant Bank (RMB), secured debt to receive a package of payments or forms of settlement.<\/p>\n

This included the RMB Covid-19 loan facility, which was to receive an upfront 50% recovery in full and final settlement. Trade creditors, including landlords, were to receive 5c to the rand whereby their primary benefit was the ongoing trading of Ster Kinekor and the ability to earn future profits from this relationship.<\/p>\n

Meanwhile, landlords who had provided post-commencement funding (PCF) assistance, would receive dividends as trade creditors plus full repayment of the PCF.<\/p>\n

However, Smyth said for the rescue plan to be successfully adopted, the requisite percentage of 75% of holders of creditors’ voting interests and 50% of independent creditors’ voting interests must be obtained.<\/p>\n

Additional rental documentation also needed to be concluded with landlords to finalise the new terms and to the extent necessary approval from the South African Competition Commission or other regulatory approvals.<\/p>\n

Smyth said: \u201cIf the plan is approved and implemented, the objective to restructure the SKT affairs, business property, debt and equity that maximises the likelihood of the company continuing in existence on a solvent basis, will have been met.\u201d<\/p>\n

He added that the proposed business rescue plan dividend materially exceeded the estimated liquidation dividend, which would in all likelihood be paid out quicker than a liquidation dividend. This would enable Ster Kinekor suppliers to be able continue to trading with the company and generate future revenues and keep Ster Kinekor’s employees employed.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. SOUTH African and Namibian movie-goers can breathe a sigh of relief, as a N$250 million deal is on the table to save Ster Kinekor. On Monday, business rescue practitioner Stefan Smyth revealed that Blantyre Capital, in partnership with Green Point Capital, had offered to buy the movie business with a N$250 million […]<\/p>\n","protected":false},"author":84,"featured_media":13778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-13779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nHope for Ster Kinekor in sight - Namibia<\/title>\n<meta name=\"description\" content=\"SOUTH African and Namibian movie-goers can breathe a sigh of relief, as a N$250 million deal is on the table to save Ste ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hope for Ster Kinekor in sight\" \/>\n<meta property=\"og:description\" content=\"SOUTH African and Namibian movie-goers can breathe a sigh of relief, as a N$250 million deal is on the table to save Ste ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-02T17:10:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-02T18:22:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/03\/img-621fb5e193aa6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"479\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Hope for Ster Kinekor in sight\",\"datePublished\":\"2022-03-02T17:10:29+00:00\",\"dateModified\":\"2022-03-02T18:22:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\"},\"wordCount\":680,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/03\/img-621fb5e193aa6.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/hope-for-ster-kinekor-in-sight\",\"name\":\"Hope for Ster Kinekor in sight - 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