Brainware`s board of directors has agreed to sell its 55% stake in Commerce Solutions to the Pieter den Boer Trust (PDBT) for a purchase consideration of R1.83 million.
The amount will be settled by a partial set-off against what Brainware still owes the loan account from the PDBT.
The loan account originates from the bridging finance the trust provided to Brainware in July.
This disposal, as in the case of all the previous sell-offs, was conducted through a bidding process.
The transaction is still subject to relevant approval, including that of independent advisor, Bridge Capital.
Brainware appointed Bridge Capital as its independent advisor when the company announced to the market it would be disposing of its businesses.
At that time, concern was expressed by some shareholders that possible irregularities might have occurred at board level.
Although Bridge Capital describes certain actions by management since listing as "corporate naivety" it says it can`t see any immediate evidence of transgression of statutory, regulatory or common law. Brainware has undertaken an investigation of its actions by its attorneys.
A number of Brainware shareholders threatened the company with a class action reckless trading suit after it announced its sell-off strategy.
The only remaining investments Brainware still has to get rid of are Brainware property (100%), Brainware ILC (60%), Quality Engineering (50%) and an 8% interest in Aquero Holdings.
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