LogOpt, formerly LogicalOptions, is proceeding with its unbundling, and will distribute more than 176 million shares in IT holding company Paracon to LogOpt shareholders.
The company`s shareholders voted in March to allow it to sell its assets and liabilities to Cardinalis Investments. They also approved the name change to LogOpt.
Cardinalis, a company controlled by funds under the management of Brait Private Equity, offered to purchase the assets and liabilities of LogicalOptions, with the exception of the 41.33% stake in Paracon, in November last year.
An agreement between Paracon management and Paracon`s two major shareholders, LogicalOptions and Dimension Data i-Commerce, removed restrictions for LogicalOptions to unbundle its shares in Paracon.
LogOpt says it is proceeding with the unbundling by way of a distribution in specie of about 176 686 000 shares in Paracon.
A further announcement setting out the terms of the unbundling will be published within 28 days, subject to the JSE`s approval, the group says.
The Paracon share was unchanged at 80c on the JSE this morning.
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