Contlan Holdings shareholders have given the go-ahead to several resolutions which will see the group expand its operations into the financial services and education sectors under the new name of Nova Education & Technology Holdings.
Shareholders at the group`s annual general meeting yesterday gave the green light to, among other things, the name change, the disposal of the project services division, and several acquisitions.
The company announced in March that it had sold the project services division to Brampton York for the 2.1 million shares Brampton York management held in Contlan.
At the same time it announced that the South African Development Foundation, through its 50% holding in Edutech, had acquired the 69% of Contlan held by Creation Software and Monarch Project Services, resulting in a change of control at Contlan.
Although the foundation said originally that it would seek to transfer Contlan`s listing to the development capital sector, it now says its listing will remain in the JSE`s venture capital sector.
Shareholders gave the nod to the acquisition of Financial Services of SA, Education Technology Curriculum Services and E-ducation Internet Portal.
They also approved an increase in the company`s authorised share capital and amendments to Contlan`s articles of association to provide for the repurchase of issued shares.
Shareholders have been offered 1.5c per share.
An abridged pre-listing statement is to be published on 10 September.
The Contlan share, which fell 1c to close at 6c yesterday, was another 1c lower at 5c on the JSE this morning.
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