Bytes loses listing

By Staff Writer for Bytes Technology Group
Johannesburg, 16 Jan 2008

Bytes Technology Group was removed from the main board of the JSE at the start of trade yesterday.

The move follows the back-to-back meetings of Altron, Altech and Bytes Technology Group shareholders in December. While Altech's minority shareholders turned down the R3.3 billion offer from Altron for their interests, Bytes' shareholders agreed to Altron's R1.5 billion offer.

This morning, Altron said it would issue eight million ordinary and 22 million participating preference shares as consideration for the Bytes ordinary shares.

"The listing of these shares has been approved by the JSE with effect from 16 January 2008," it said.

Bytes shareholders, who elected to receive the ordinary share consideration, will receive Altron ordinary shares in exchange for 100% of their Bytes shareholding at an exchange ratio of 0.4.

Shareholders who did not elect the ordinary share consideration, or who elected the participating preference share consideration, will receive Altron participating preference shares at an exchange ratio of 0.43.