Super Group to form Esop as a condition to acquiring two companies – Tribunal
JSE-listed logistics and mobility solutions company Super Group has received Competition Tribunal approval, with conditions, to acquire retail and supply chain audit verification company RSC Consulting Services and cleaning company Clean Tech 360.
In line with the conditions imposed on the merger, Super Group will announce its new employee share ownership plan (Esop) in March, through which qualifying workers from the stocktaking and cleaning target companies will benefit from shareholding in Super Group, thereby promoting broad-based black economic empowerment, the tribunal says.
The Esop will be implemented through an employee trust, which will acquire a specified shareholding in Super Group on behalf of qualifying employees who must be incorporated into the plan within a specified period.
Qualifying employees must be black employees and the plan must be held at no cost to its beneficiaries, and dividends will be paid to the trust and distributed to beneficiaries yearly.
Super Group provides supply chain management services, operates vehicle dealerships and provides fleet leasing and management services. RSC provides audit and verification of stock, integrity and accuracy audits, as well as inbound and outbound distribution services, while Clean Tech provides commercial and hospitality cleaning and employee management services.
One of the public interest considerations under the Competition Act is to promote “a greater spread of ownership, in particular to increase the levels of ownership by historically disadvantaged persons and workers in firms in the market”.
As such, the tribunal imposed public interest conditions, agreed to between the merging parties and the Competition Commission, in relation to the greater spread of ownership, given that neither RSC nor Clean Tech have any black ownership, the tribunal points out.
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