Sovereign Foods moved back into the spotlight last week when its share price shot back towards its all-time high of 950c on large volume trade. Traders said about 2-million shares changed hands in one deal that was thought to be the final unwinding of RECM’s stake in Sovereign. The share price closed at 939c on Friday. Marthinus Stander, CEO of Country Bird Holding (CBH), which launched a dramatic takeover bid for Sovereign in September 2015, said he had no knowledge of what was behind the trade. He said there had been no developments with the proposed acquisition, which was suspended late last year when the Takeover Regulation Panel ruled the offer had lapsed. The panel said CBH could not make another offer until September 2017. Stander earlier this year said CBH, which has built up a 34.1% stake in Sovereign, had no intention of walking away from its bid to acquire a controlling stake. The acquisition would help CBH to move further down the value chain. Last week’s strengthening i...
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