Brainware has sold its 81% stake in Brainware Consulting to former Brainware CEO Piet den Boer and a management consortium for a total R7.7 million.
The sale was subject to a bidding process and is in line with an earlier announcement that Brainware would sell off its 11 businesses and discontinue head office operations.
The consortium paid R2 million in cash for its stake.
Den Boer`s almost R5.7 million purchase price includes the repurchase of about 95.9 million Brainware shares held by Den Boer for a nominal R1.
His purchase will be settled by means of a write-off of R5 million owing by Brainware Consulting to Brainware against the loan of about R10.7 million owed by Brainware to Den Boer, as well as the set-off of about R5.7 million against the balance of the money owed to Den Boer in a full and final settlement.
The deal is subject to shareholder and regulatory approval.
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