Leading technology group Alviva Holdings, the parent of Pinnacle, Axiz and Tarsus, will be delisted from the Johannesburg Stock Exchange (JSE) on 7 March after a take-private deal got the green light.
Alviva informed shareholders early this week that all the conditions associated with the transaction have been fulfilled, paving the way for the scheme to be implemented and for the delisting to proceed.
Trading in Alviva shares will be suspended from the commencement of trade on 1 March, it said.
Alviva received a binding offer of R28/share in December from a black-led consortium. The acquiring consortium includes “certain members” of Alviva’s management team, among them CEO Pierre Spies, along with Tham Investments, Day One Asset Management and an individual by the name of P Ramasamy. Tham and Ramasamy are two major shareholders and empowerment partners of Alviva and currently own 18.7% of the company.
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“The proposed transaction will result in Alviva becoming a majority black-owned, privately held ICT technology champion, repositioning the company to drive the strategic direction of the business for future growth and expansion,” Alviva said in a regulatory filing with the JSE in December.
“It also allows Alviva shareholders to exit for a cash consideration that is at a substantial premium to the closing price prior to the receipt of the expression of interest.”
Alviva’s share price closed at R27.88 on Monday, just shy of the buyout price.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry