Technology services company SilverBridge Holdings will remain listed on the JSE after all, after its acquirer, UK-based ROX Equity Partners, agreed to waive the delisting requirement in its offer.
ROX has waived several other conditions, greasing the wheels to the conclusion of the buyout – pending mandatory regulatory approvals.
In a statement to investors on Thursday, SilverBridge said that for the delisting condition to be fulfilled, it would have been required to hold a general meeting of shareholders to approve the resolution.
It would also have had to receive an independent expert’s report that the offer was fair to shareholders.
“However, pursuant to the independent expert’s report prepared by Java Capital, the independent expert concluded that the offer was unfair but reasonable…
“Given that the requirement to fulfil the delisting condition has been waived by ROX … the delisting will not be pursued … and … the shares will remain listed on the JSE.”
ROX now has until 23 June to publish the offer circular to SilverBridge shareholders. – © 2022 NewsCentral Media
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