4Sight gets greenlight to buy back R16 million worth of shares to whet investor appetite. JSE-listed financial
From left: Eric van der Merwe, financial director; Andrew Murgatroyd, non-executive director; Tertius Zitzke, CEO; and Rudi Dreyer, chief business environment officer.
As a result, 4Sight says it will now buy back 125 521 898 ordinary shares of no par value in the company, at approximately 12.75c per share, which represents a discount of 41.83% for a total cash consideration of R16 million.A shareholder majority of 99.98% passed the requisite special resolution at the general meeting of shareholders held at the 4Sight offices yesterday.
“The 4Sight board of directors determined that the company’s shares were highly undervalued in relation to its stated net asset value per share,” explains 4Sight CEO Tertius Zitzke. “For the next three years, we are going to focus our efforts on growing the value for shareholders and deliver our current strategy towards our customers’ digital transformation journeys.”
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