Y3K Group has posted a circular to its shareholders in which it outlines, among other things, details of a mandatory offer at 13.396c a share, following a change of control at the company.
A reverse takeover of the group resulted from the acquisitions, announced last year, of Information Security Architects (ISA) and iSecure.
The group says Y3K`s directors, together with Atlas Utas (Y3K`s largest shareholder), are obliged to make the offer as the Securities Regulation Panel has deemed the acquisitions an "affective transaction".
The offer is conditional on the acquisitions of ISA and iSecure being approved by Y3K shareholders at a meeting on 7 June.
The offer opens on 10 June and closes on 1 July.
Y3K`s name is to be changed, subject to a shareholder vote, to ISA Holdings, and the company`s listing will be transferred to the JSE`s alternative exchange, AltX, on 27 June.
The Y3K share closed unchanged at 36c on the JSE yesterday.
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