CS Holdings (CSH), which is being acquired by Bytes Technology Group (BTG), is expected to be delisted from the JSE on 20 January.
The share was suspended from the start of business today after BTG issued a notice to invoke section 440K(1) (a) of the Companies Act, which gives it the right to acquire compulsorily the shares of those shareholders who did not accept its offer to buy the company.
To invoke these provisions, a company making such an offer must receive acceptances from shareholders owning at least 90% of the shares of the target company.
BTG says it has received acceptances related to 90.96% of the CSH shares in issue.
The offer was to buy the entire issued share capital of CSH by issuing BTG shares in the ratio of one BTG share for every 37 CSH shares held, which equates to a price of 15.68c per CSH share.
The Companies Act stipulates that BTG`s compulsory acquisition of the remaining shares must be carried out on the same terms.
The BTG share lost 20c on Friday, closing at 715c. CSH gained 6c to close at 25c.
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