The restructuring process at technology, education and staffing group Advtech has been completed, and with effect from Monday morning the group is trading under only one share on the JSE.
The group announced in January it planned to consolidate its three listed entities - Advanced Education Holdings (Adved), Advsource Holdings and Advanced Technical Systems - into one company.
The rationale behind the plan was to simplify the structure and reduce the number of entry points into the group from five to one, as well as removing the low-voting N shares, around which there had been some negativity.
The changes in the listing began in May with the delisting of Advsource N shares and the listing of new ordinary shares in terms of the conversion of the N shares on a one-to-one basis. The Advsource shares were later suspended.
The listing of Advanced Technical Systems shares was suspended the same month, and Adved`s name was changed to Advtech.
Advsource was delisted on 2 June and the new Advtech shares were listed on Monday, 5 June.
"The simplified structure of the group will allow easier access to investors through one share as well as substantial cost benefits in now administering only one listed company," says group secretary Howard Freeman.
"The directors and management of the group are confident of the future growth prospects for the Advtech group."
The original Advtech group reported a 13.8% increase in attributable earnings to R43.4 million in the year to December 1999, with headline earnings per share rising 21.2% to 46.3c.
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