JSE-listed Y3K has agreed to issue a further 10 million shares to Utas Investments, which places Utas in control of the Y3K board.
Utas Investment acquired an initial 10 million Y3K shares at 14c in July with an option to acquire a further 10 million shares at the same price. This has effectively changed the control of the Y3K board.
Y3K financial director Noeline Ludick says Utas will assist in driving strategic business and does not foresee a change in management.
Utas is a wholly owned subsidiary of Eureka Industrial, a JSE-listed investment holding company.
Y3K shareholders also passed a resolution to issue an additional 10 million shares on the JSE at 14c each.
An offer to minority shareholders at 14c per share will be made with further particulars of the offer to be made available in a circular in due course.
The share price is currently trading at 12c, unchanged from this morning`s opening.
Y3K, which posted a R4.4 million accumulated loss for the 1999 financial year, is expecting to release interim results within the week. Ludick says the results will hold no surprises.
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