Beget Holdings is going ahead with its second attempt at a JSE listing after its earlier attempt to reverse list through Community Technologies was aborted.
Community Technologies (C-Tech) was delisted from the JSE in August after failing to meet JSE deadlines for publication of a circular to shareholders.
C-Tech announced in February that it had issued 200 million shares each to acquire Beget Group, Eze-Bill and TM Commerce - all Beget Holdings companies - resulting in a reverse takeover and a change of name.
However, Beget Holdings MD Andr'e Potgieter says the deal fell through early in the year and the two companies are no longer associated. "There were certain criteria that had to be met, as well as due diligences, but various deadlines were not met so the transaction was cancelled."
He says the Beget directors appointed to the C-Tech board resigned once the deal collapsed. "We then decided rather to go for a full listing instead of a reverse listing."
Beget develops and distributes software enabling its client base to combine database management with Internet thin client technology and link it to e-commerce, using the GSM cellular platform as the carrier.
The group had planned to list in September, but Potgieter says the listing, now scheduled for 2 December, was delayed because the JSE wanted various figures to be audited. The audited figures are to be submitted to the JSE on Monday.
C-Tech`s delisting arose from a failure to publish a circular related to another reverse takeover that saw it take on a black empowerment partner, Trans African.
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