JSE-listed Y3K Group has made two separate acquisitions, one of which intends to make an offer to Y3K minorities.
Y3K, which posted a R4.4 million accumulated loss in its 1999 financial year, is repositioning itself as a provider of online trading solutions to traditional retailers and Internet-based virtual stores as well as business-to-business e-commerce trading.
Y3K has issued 38 566 413 shares at an issue price of 18c a share to acquire Durban-headquartered Cybicom, an enterprise management technology solutions company, valuing Cybicom at R6.9 million.
The Y3K board has been reconstituted, with Cybicom chairman Cobus van Niekerk taking up the executive deputy chairmanship and Cybicom CEO Neil Rose-Innes being appointed chief operating officer.
Sonny Fisher remains as CEO with Noleen Ludick as chief financial officer.
Cybicom has informed the Y3K board of its intention to extend an offer of 18c per Y3K share to minority shareholders. The Securities Regulation Panel is considering whether it is appropriate to implement the offer by means of a standby offer.
The share price was unchanged at 23c in midmorning trade on Wednesday.
Y3K says it will make an announcement setting out the full terms of the offer when a ruling has been made.
Cybicom has among its principal clients government departments such as the SA National Defence Force as well as private sector companies in the cellular telephony, retail, financial services and leisure sectors.
The group has also bought Johannesburg-headquartered networking company Lanlink for R600 000 in cash and the issue of 7 549 676 shares at 18c each, putting the deal at about R1.96 million.
Y3K CEO Sonny Fisher says Lanlink`s expertise will optimise the communications performance critical to the combination of Y3K`s and Cybicom`s products and services.
The effect of the deals, had they taken place during the last financial year, would have been to increase Y3K`s net asset value from 12.2c to 15.6c per share while the net tangible asset value per share would have fallen from 12.2c to 6.6c.
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