The full details of the change of control at Casey Investment Holdings have been disclosed for the first time, with the company saying its new owners paid R75 000 for their 75% stake.
Level 4 Group Holdings` directors acquired indirect control of Casey Investment Holdings in March this year. This was after previously announced talks regarding the sale of Black IT Empowerment Company`s (Blitec`s) 87.27% stake in Casey fell through.
Casey became a shell last year after its former directors, in conjunction with Blitec, decided to close down all its divisions and retrench all staff members after other options aimed at revitalising the business were examined.
Blitec has retained a stake of about 12% in Casey and an offer to minority shareholders has been waived by the Securities Regulation Panel.
"The listing of Level 4 on AltX (the JSE`s alternative exchange) has been approved by the AltX advisory committee ahead of the acquisition of control of Casey, subject to JSE approval," says Thabiso Moerane, acting CEO of Casey.
"Level 4 is involved in the same business as Casey, namely broad-based IT solutions and outsourcing. It is the intention of Level 4 to introduce their business and contracts directly into Casey without any dilution to minority shareholders of Casey."
She says Level 4 has been in business for a number of years, is profitable, and has a strong client base in the small, medium and micro-enterprise market, with an annuity income stream in terms of signed service level agreements or licence fees.
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