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Logicalis finalises $42m acquisition


Following fulfilment of all conditions precedent, Datatec subsidiary Logicalis has completed the acquisition, announced on 29 July 2015, of Advanced Technology Integration Group from MCPc, for a total consideration of up to $42-million.
The consideration is being funded partly by the issue of 3 679 594 new Datatec ordinary shares in terms of a $18,5-million vendor consideration placing.
The new Datatec ordinary shares will be issued at R67.00 per share, which represents a discount of 4,3% to the 30 day VWAP up to and including 28 August 2015, being the day prior to the date that the placing was authorised by the board of directors.
Approval has been received from the JSE Limited for the listing and an application has been made to the London Stock Exchange for the admission of these shares to the Alternative Investment Market. Listing on both exchanges was expected to become effective yesterday (9 September 2015).
Following this listing of shares, Datatec will have an issued share capital of 208 983 794 ordinary shares of R0.01 each.