The closing date for DataMirror`s offer to buy Idion Technology Holdings shares has been extended, as regulators have ordered Idion to produce official profit forecasts.
The Securities Regulation Panel (SRP) has ruled that some of the statements made by Idion in its circular to shareholders, as well as an announcement made on 24 April, constitute profit forecasts.
Idion now has to produce a reporting accountant or auditor`s report on those forecasts.
DataMirror recently raised its offer to buy Idion`s shares, from an initial 65c to 120c. While the revised offer was to close on 15 May, the SRP has granted an extension.
DataMirror`s advisor, BOE Merchant Bank, says the period of the extension will be determined by the date on which Idion submits the report to the satisfaction of the SRP.
Idion management was in meetings this morning and could not be reached for comment.
Meanwhile, the Idion share, which has gained more than 180% since the initial bid was announced on 18 March, closed at 160c on the JSE yesterday.
The share has lost some ground since it closed as high as 176c on 29 April. It touched an intraday high of 185c on that day.
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