Investors in JSE-listed companies Altron, Altech and Bytes Technology Group will vote on a proposed merger of the three groups on 3 December.
Altron yesterday advised shareholders that it would hold a general meeting on this date. The matters requiring approval are the issuing of ordinary and participating preference Altron shares to facilitate the proposed settling of the acquisition.
Altech and Bytes issued notices to shareholders saying permission had been granted by the High Court to arrange the scheme meetings to vote on the matter.
Last month, Altron confirmed it wanted to reabsorb the two subsidiaries into the parent group. Currently, Altron holds 58.5% of Altech and 57.8% of Bytes. The mergers, which will be settled in Altron shares, are valued at R4.8 billion.
The merger is being implemented by way of a scheme of arrangement. This requires the acquiring company to secure the support of the selling company and 75% of its shareholders. Once this is obtained, the agreement is then sanctioned by the High Court.
Altron`s general meeting is scheduled to take place at 9am. The Altech scheme meeting will take place at 9.30am, or at the conclusion of the Altron meeting if this is later. The Bytes scheme meeting will take place at 10am, or at the conclusion of the Altech meeting if this is later.
The three meetings will take place at Altech`s corporate offices in Houghton. The results will be published on the Stock Exchange News Service the same day.
Related stories:
Altron reabsorbs subsidiaries in R4.8bn deal
Altron grows and grows
Bytes to stay put
Altech nears R4bn at half-year
Altron, Altech, Bytes renew cautionaries
Altron gets merger nod
Share