Shareholders are referred to the various announcements released on the BSE’s X-News and the Cape Town Stock Exchange News Service (prior to the Company’s migration to the JSE Main Board), advising that the Company had concluded an asset-for-share agreement with Lee Darran Taman and Anthony John Geldard (together the “Sellers”), in terms of which the Sellers will, between them, sell an aggregate of 20,000 ordinary shares held by them in the Company’s subsidiary, Logico Unlimited Proprietary Limited (“Logico”), comprising 20% of the issued shares in Logico (“Logico Shares”), to CA&S in two tranches of 10% each, the aggregate purchase consideration of which will be settled by the Company through the payment to the Sellers of a cash consideration and by issuing ordinary shares to the Sellers (“Transaction)”, such purchase consideration being capped at a maximum of ZAR 99 000 000.
Shareholders are advised that CA&S has now acquired the second tranche under the Transaction, with the result that Logico is now a wholly-owned subsidiary of the Company. The second tranche payment has been settled by CA&S issuing 11 028 559 ordinary shares in aggregate (“Consideration Shares”) to the Sellers, comprising approximately 2.39% of the total issued share capital in CA&S, before this issue of shares. The Company’s total issued ordinary shares following the issue of the Consideration Shares is 472 461 061.
The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.