Conlog shareholders have unanimously approved the R16 million acquisition of Dynamic Cables SA, paving the way for Conlog`s transformation into a telecommunications company.
Conlog executive director Allen Pheiffer says the general meeting showed "overwhelming support for the new strategy going forward".
Shareholders also gave unanimous approval to the resolution to waive any rights they may have to be made a mandatory offer of 60c per Conlog share by a controlling shareholder, as well as to an addendum relating to the Schneider agreement.
Conlog recently bought Dynamic Cables from Cape Empowerment Trust with effect from 1 January. Conlog plans to change its name to Dynamic Cables RSA and focus on the telecommunications industry.
Shareholders will vote at the company`s next general meeting, to be held on 6 February, on various other issues, including an increase in authorised share capital, a buy-back of 40% of the issued shares, the name change and a change in JSE sector from cash companies to the development capital market.
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