Datacentrix shareholders have voted overwhelmingly in favour of Pinnacle acquiring the company for R541 million. This as the Pinnacle-Datacentrix merge takes one step closer to completion.
In October 2016, Pinnacle announced plans to acquire the remainder of shares in Datacentrix that it did not already own.
At the time, it already controlled 57.1% of the issued share capital of Datacentrix, through subsidiary DCT Holdings.
In November, in a joint statement, the companies announced a firm intention offer from Pinnacle, through DCT, to acquire all shares excluding treasury shares and shares that it already owned.
In a Stock Exchange News Service (SENS) announcement in October, Datacentrix confirmed that consideration payable by DCT Holdings to Datacentrix would be R6.65 per Datacentrix share, to be settled in cash, representing approximately R541 million in total.
This week, Datacentrix held a general meeting of shareholders for the purpose of approving the proposed transaction and all resolutions were passed by the requisite majority of shareholders.
The total number of shares present in person or by proxy was 67 847 365, representing 83.43% of the total shares in issue that could have been voted. Of these, 99.99% voted in favour of the buyout scheme as well as a delisting resolution.
Once the deal is successfully completed, the currently JSE-listed Datacentrix will need to delist from the bourse.
A finalisation date announcement for the deal is expected to be released on SENS by the end of this month. Datacentrix previously said if all went to plan, it expected to delist from the JSE on around 14 February 2017.
Pinnacle initially spent R237.3 million to buy almost 30% of Datacentrix in 2013. In late 2015, it began buying up more shares in the company and at the time said it intended to further increase its interest in the group.
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