JSE-listed Altron subsidiary Allied Technologies (Altech) says it will unbundle its infotainment division, UEC, and list the new entity separately on the JSE. Following a successful JSE listing, it plans to seek a secondary listing for UEC on the London Stock Exchange.
Altech shareholders can expect 35% of the listed UEC`s shares to be made available to them pro rata to their current shareholding in Altech. Altech will simultaneously seek an additional R300 million to R500 million by way of a private placement with international and local institutions.
The pricing for the placement will be established by means of a book-building process and will not be available to the general public. Altech says it plans to use the UEC listing to generate additional income to pursue international acquisitions.
UEC will be listed through an introductory offer and Altech says it envisages initially maintaining at least 50% of the issued share capital of the subsidiary.
UEC designs and develops multimedia software and applications for set-top boxes.
Turnover for UEC for the six months to August 2000 was R354 million, while operating income of R37 million was reported and a headline earning per share of 25.8c declared.
Altech also warned investors it was still trading under a cautionary notice, which may have something to do with market speculation that a merger of some of Altech`s subsidiaries with sister Altron company Bytes Technology (USKO) may be in the offing.
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