Johannesburg, 14 May 2004
The Comparex share is to be delisted on 1 June ahead of the company`s relisting as Business Connexion.
The group has told shareholders that the last of the conditions relating to its merger with Business Connexion and the related restructuring has been fulfilled.
The restructuring is taking place on the structural rather than operational level, with the exercise aimed at eliminating unnecessary layers in the group structure, to simplify the financial reporting and to allow for the efficient distribution of surplus cash.
The group announced recently that it was distributing 100c a share to its shareholders, in addition to a 550c dividend per share announced earlier.
After the restructure, Comparex shareholders will hold their Comparex Africa Group shares directly and will have received all the surplus cash by way of a dividend in anticipation of the liquidation.
The holding company, Comparex Africa Group, renamed Business Connexion Group, will be listed on the JSE, while the operating company, Comparex Africa, will be renamed Business Connexion.
Shareholders will receive one Business Connexion share for every Comparex share held.
The Comparex share is to be suspended from 24 May and delisted on 1 June.
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