Online brokerage Tradek has been acquired by a consortium which plans to delist the company after an offer to minority shareholders.
Northpark Trading 47, a consortium led by non-executive director and former SocGen SA MD Peter Gray, bought 36.9% of the company for R8.18 million, equal to 12c a share.
The shares were bought from Archway Venture Partners Trust and Genbel Securities.
The acquisition brings Northpark`s stake to 64.9%. Since control of Tradek has passed to Northpark, the consortium must, in terms of Securities Regulation Panel regulations, offer to buy the shares held by minority shareholders.
Northpark says it plans to delist Tradek from the JSE after the offer to minorities has been completed.
If the delisting is approved, shareholders who do not accept the offer will become shareholders in a public unlisted company.
Tradek says its board has appointed a subcommittee comprising independent directors not involved in the offer, which will advise minority shareholders on the offer. An independent adviser will be appointed.
Tradek reported this week that it had incurred a R424 000 loss for the six months to September as a result of tough market conditions for stockbrokers.
The company incurred a headline loss of R285 000, or 0.15c a share, compared with a year-earlier interim profit of 0.05c a share.
Share
