CNA receives purchase offer

According to a recent article by Business Day, Black Mountain Investment Management, a Durban-based hedge fund cofounded by a former RMB staffer, has made an offer to buy CNA for R2-million.

This is a rescue deal that hands it a company that most likely needs substantial operational funding to keep going.

In terms of the proposal to save the embattled 125-year-old stationer, none of the creditors including suppliers, landlords, lenders and the SA Revenue Service, which are owed a collective R264m, would be repaid anything.

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