An offer has been made to buy the shares held by Crux Technologies minority shareholders at 5c each, a 2c premium to the share price at the close of trade yesterday.
Crux announced earlier this year that it was disposing of its last remaining asset, the contracting business, to the Mantis consortium. The consortium consists of Jeff Zafiropolous, Wilma Cloete and Mantis Projects and its subsequent nominee, Time Quantum (Gauteng).
Although shareholders have given their unanimous approval to the disposal, the consortium has made an alternative offer which will see the company delisted from the JSE.
Crux says Time Quantum agreed after 16 October to acquire 10.5% of Crux`s shares and conditionally acquired 16.5% of the company`s shares from various shareholders at 5c each.
"Notwithstanding the anticipated requirement of a mandatory offer, the alternative offer is being made by Time Quantum (Gauteng) to Crux minority shareholders to acquire the remaining minority Crux shares, excluding the shares held by Jeff Zafiropolous and Wilma Cloete," the company says.
In terms of the alternative offer Crux minority shareholders may elect to receive 5c a share.
Otherwise they could choose to receive 4c a share together with an amount equal to each shareholder`s deemed pro rata share of the net proceeds that may be received by the company from current litigation against the Mpumalanga premier and others.
CEO Titi Kekana said at the release of the company`s results in September that legal action to recover a R7 million debt from a large provincial government customer had been slow.
He said although the company was confident of ultimate recovery, full provision had been made as a result of the significant uncertainty around the matter.
In September Crux reported dismal May year-end figures showing a net after-tax loss of R35.76 million and a headline loss of 19.6c a share. Current liabilities outweighed current assets by almost two to one.
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