The acquisition of Comztek by Datatec concluded on 31 May, with all conditions being fulfilled.
The cash portion of the R88-million total consideration was settled by the payment of R48-million in cash, funded from new loan finance (R27,4-million to Mustek; and R20,6-million to the Management Sellers, including the contingent consideration of R8-million which became payable after Comztek met all required EBITDA performance conditions).
The remaining portion of the consideration (R40-million) will be settled by the allotment of 752 606 new Datatec ordinary shares of R0.01.
Application has been made to the London Stock Exchange for the admission of these shares to the Alternative Investment Market, and to the JSE Limited for the listing of these shares. Listing on both exchanges is expected to become effective on 12 June 2013.
Following the listing of shares, Datatec will have an issued share capital of 196 531 984 ordinary R0.01 shares, of which 633 392 are Treasury Shares held by the Datatec Share Incentive Trust 2005.
The re-organisation planned to follow completion of the acquisition involves Mineworkers Investment Corporation (MIC), the material B-BBEE shareholder in Datatec subsidiary Westcon South Africa, two of whose executive officers are currently non-executive directors of WSA.
The cash portion of the R88-million total consideration was settled by the payment of R48-million in cash, funded from new loan finance (R27,4-million to Mustek; and R20,6-million to the Management Sellers, including the contingent consideration of R8-million which became payable after Comztek met all required EBITDA performance conditions).
The remaining portion of the consideration (R40-million) will be settled by the allotment of 752 606 new Datatec ordinary shares of R0.01.
Application has been made to the London Stock Exchange for the admission of these shares to the Alternative Investment Market, and to the JSE Limited for the listing of these shares. Listing on both exchanges is expected to become effective on 12 June 2013.
Following the listing of shares, Datatec will have an issued share capital of 196 531 984 ordinary R0.01 shares, of which 633 392 are Treasury Shares held by the Datatec Share Incentive Trust 2005.
The re-organisation planned to follow completion of the acquisition involves Mineworkers Investment Corporation (MIC), the material B-BBEE shareholder in Datatec subsidiary Westcon South Africa, two of whose executive officers are currently non-executive directors of WSA.