Almost a year after first announcing plans to delist from the JSE, Aqua Online Holdings (AOH) now expects its listing to end next February.
The group is to dispose of its enablement business to Quickstep 394, representing the original owners of the enablement business and existing management.
In separate deals the group is also to dispose of each of its gaming subsidiaries to the original owners of the gaming business and Cyber Finance Investments.
"On the implementation of the disposals AOH will make an initial distribution to shareholders of 13c per share in anticipation of winding up, whereafter AOH will apply to the JSE Securities Exchange SA for the termination of its listing," it says.
The disposals and distribution are subject to several conditions, including each of the disposals becoming unconditional, as well as the approval of AOH shareholders.
"The initial distribution is also subject to the refund of R1 million cash to AOH, which amount is subject to a deposit arrangement, to be unwound, by the end of January 2004."
While the final dates are subject to change, AOH says it expects its share to be suspended on 2 February and the listing to be terminated on 10 February.
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