Johannesburg, 03 Aug 2005
Shareholders in Synergy Holdings are to be offered 8c a share by a consortium that has acquired 83% of the company for R3.46 million.
At the same time, Synergy`s only operating subsidiary, Accpac agency Prime Support, is being sold to two Synergy directors - CEO Ashley Regenass and director Nikki Plane - for R1.3 million.
The group`s two properties in Linden, Johannesburg, are being sold for a total of R1.66 million.
The i capital Growth Find I Trust, acting on behalf of a consortium, bought 43 305 200 Synergy shares from Regenass, Plane and director Patrick Toolan for 8c a share. The consortium is now compelled to offer to buy out remaining shareholders at the same price.
The various deals are still subject to various conditions, including regulatory and shareholder approval.
However, if they are carried out, Synergy will have no assets other than about R4.2 million cash.
The group says the consortium intends to acquire IT companies that meet the requirements for listing on the JSE.
The current board is to resign in favour of a new board appointed by the consortium.
The company says a circular will be sent to shareholders within the next 28 days.
Share