PME Africa has published its results for the year ended 31 December 2013 and has also announced that it intends to make a transformative deal that would result in it becoming a trading company.
Over 2013 PMEA’s net asset value rose to $0.46 from $0.39. It bought back a quarter of its share capital at the end of the year. Its remaining assets at the year end were a property in Dar-es-Salaam, Tanzania, where the tenant is in default on the lease and is in administration, and various rail assets including 10 locomotives and a stake in Sheltam Holdings Pty, a transport company with interests in rail, logistics, aircraft charter and maintenance.
PME Africa is planning to buy the 50% of Sheltam Holdings Pty it doesn’t already own by issuing shares in PMEA to the current owners of the Sheltam stake, Roy Puffett and The Sheltam Rail Trust. The transaction would constitute a reverse takeover, if approved, and afterwards PME Africa would cease to be a investment company and would become a trading company. PMEA has asked that it shares be suspended from trading for a period until the Admission Document for the new shares is published.