LogicalOptions (formerly Educor) is pushing forward with its plans to distribute the proceeds from the sale of its businesses to shareholders.
The business of LogicalOptions sold its assets and liabilities, with the exception of its stake in Paracon Holdings, to Cardinals Investments for R616.7 million or R6.92 per LogicalOptions share.
The company`s management then elected to reduce its share premium by the same amount, enabling it to distribute the proceeds of the sale to LogicalOptions shareholders.
Shareholders have until close of business on Friday, 16 March, to register for the payout of 692c per LogicalOptions share.
After the Cardinals sale, LogicalOptions has found itself on the wrong side of the new JSE listing requirements as its only current holding is its 41.33% stake in Paracon. The JSE has given the company until 2 April to correct the situation or face suspension from the main board.
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