SOUTH AFRICA: KWV board lowers share proposal

The KWV Board has given ground on the number of shares to be allocated by the KWV Group to a newly proposed co-operative structure, following intensive negotiations with a small but powerful group of shareholders. Instead of a 15% stake in the 390 million shares in KWV Limited it has accepted that 10% would be equitable, while the dissenting shareholders - also known as the "Group of Five" - who ironically between them have about a 15% share, accepted that Wijngaard's services proposal should be funded to the tune of R8 million a year for five years and not 10 years.