JSE set to lose another tech listing with Jasco to go private
This offer tabled by Community Investment Holdings is 16c/share in cash.
In line with takeover regulations, Jasco has now appointed an independent board to assess the reasonableness of CIH’s offer to shareholders. That assessment will be done in due course. The offer amounts to some R24.9-million in cash. CIH and associated entities currently hold 55.4% of Jasco.“Jasco’s shares trade in small volumes with minimal liquidity and no premium to its peers. In this context, the Jasco board has resolved that the company can no longer justify the costs and associated administrative burden of a JSE listing when considered relative to the benefit of an ongoing listing,” it said.
“From a shareholder perspective, the costs associated with Jasco being listed outweigh the benefit of being able to publicly trade in Jasco shares. The delisting will also enable management to dedicate more time and resources to the company’s business operations without having to dedicate considerable time, expenses and resources to the regulatory processes associated with being a listed entity.
“As at the date of this announcement, the Jasco board has not received any other firm intention letter, other than the offer from [CIH],” Jasco said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kenya suffers nationwide blackout - TechCentralPower was restored to parts of Kenya after a nationwide blackout lasting several hours.
Read more »
China wants 'whole nation' stance on tech as US sanctions bite - TechCentralChina has pledged to pool together all of the nation’s resources to achieve self-reliance in technology.
Read more »
Apple cloud chief to step down, adding to wave of departures - TechCentralApple’s top executive in charge of cloud initiatives is leaving the company, adding to a wave of recent departures.
Read more »
How Russia is evading sanctions to buy high-end chips - TechCentralRussia looks to be successfully working around sanctions to secure crucial semiconductors and other technologies for its war in Ukraine.
Read more »
ISP body tells fibre network operators: give consumers choice - TechCentralThe Internet Service Providers’ Association has warned that fibre network operators shouldn’t assume customers want to receive free speed upgrades.
Read more »
iKhokha digitises SME invoicing with digital invoice tool - TechCentralPromoted | iKhokha has launched its new digital invoice tool, iK Invoice, allowing small business owners to manage their billing and payments in one place.
Read more »