Net1 Applied Technology Holdings` (Aplitec`s) delisting from the JSE is still on the cards, but it may not happen next month as originally planned.
The group had planned to delist on 17 February, but this depended on when it would receive all the approvals needed with regard to its buyout by Newshelf 713.
However, the group has informed shareholders that it now expects the outstanding regulatory and other suspensive conditions to be fulfilled during March or April.
Aplitec announced in October that Newshelf, a new company to be renamed Net1 Applied Technologies SA, had offered to buy it. Newshelf has no operating assets and is 100% held by funds under the management of Brait SA.
Should the deal go through, Aplitec shareholders are to receive an advance distribution of 500c per share if they elect a cash option. Shareholders who choose an option to reinvest will receive 475c a share and be able to reinvest 285c a share in the new entity.
Once all conditions to which the offer is subject have been fulfilled or waived, Brait will transfer 100% of the issued capital in Newshelf to Net1 UEPS Technologies, which is incorporated in the US.
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