DataPro has had to extend the date of fulfilment of one of the conditions relating to its R70 million acquisition of least-cost routing services company Definity Telecommunications.
The deal is still subject to the approval of the Competition Commission, and the original agreement, announced in May, stipulated this would be not later than 21 June.
However, DataPro says in an update to shareholders that the parties are still waiting for Competition Commission approval and the date of fulfilment of that condition has been extended.
Definity`s sellers, Daniel Edmiston (47%) and Wayne Gordon (53%), are to receive R35 million in cash, to be raised through the issue of renounceable letters of allocation, with the balance settled by the issue of about 63.2 million shares.
However, another condition, that DataPro receives unconditional and irrevocable undertakings from third parties to subscribe for enough shares to enable the R35 million payment, has been met.
DataPro says the private placing was three times oversubscribed.
Definity provides telephony services to medium to large corporations in SA, and DataPro says the acquisition provides it with a high-quality customer base that complements that of VoxTelecom, DataPro`s voice business.
The deal is expected to add about R9 million per month to the group`s existing monthly annuity book.
The DataPro share, which closed 4c or 7.4% up at 58c yesterday, was untraded early this morning.
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