LogicalOptions shareholders this morning voted in favour of the group selling its assets and liabilities to Cardinalis Investments.
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 IT company Paracon, in November 2000.
The value of the deal at the time of the announcement amounted to R616.7 million or R6.92 per LogicalOptions share.
At the same time, an agreement was reached between Paracon management and Paracon`s two major shareholders, LogicalOptions and Dimension Data i-Commerce, to remove restrictions for LogicalOptions to unbundle its shares in Paracon.
Commenting on the agreement and the proposed disposal, Paracon CEO Mark Jurgens says: "We have for some time been struggling with a very illiquid share and an unbundling will help to improve the liquidity of our Paracon shares. We are well positioned for future growth and are confident that we will continue to create shareholder value in the years to come."
LogicalOptions shareholders have until close of business tomorrow to register for the payout of 692c per LogicalOptions share as a result of the sale.
After the initial announcement of the sale, the JSE advised LogicalOptions that, in its current status, it was in breach of the bourse`s listing requirement and had until 2 April to justify its status.
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