AltX-listed call centre operator Dialogue has seen 15 million shares trading hands, in a deal that puts 7% of its shareholding in black hands.
Speaking yesterday afternoon, Dialogue CEO Jason Drew said the R24 million cash deal did not have a dilutive effect on its equity.
"MSG Afrika Investment Holdings - a black-owned media and communications group - purchased the shares from a private equity firm. This means that no shares had to be issued to facilitate the deal and our broader investors did not see their shareholdings devalued. Dialogue was not asked to provide financing for the deal," he explained.
MSG already has a relationship with the group through Given Mkhari, MSG's CEO and a non-executive director of Dialogue since December 2006.
The company has majority shareholdings in advertising agency The Jupiter Drawing Room and television production group Curious Pictures. It also owns marketing agency The Communications Firm and holds stakes in Telkom Media and The Quarto Press.
Drew says the deal provides several benefits for Dialogue: "MSG's purchase contributes to our listing aim of introducing direct black shareholding. Our aim is to ultimately have 26% of our shareholding in black hands. Additionally, MSG and Dialogue have several customers in common - such as MTN, Absa and Edcon - which provides some interesting opportunities for both groups."
MSG purchased the Dialogue shares at R1.60 per a share - a 19% discount on yesterday's opening price of R1.98. At close of trade, Dialogue had lost 1% in share value at R1.96 per share.
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