Online trader E-Data says it is closer to a deal which will see a reverse takeover by John Daniel Containers (JDC).
The company says one of the most important suspensive conditions has been met, with JDC raising R2.235 million by way of a non-renounceable rights offer to existing JDC shareholders.
The offer was oversubscribed and the proceeds will be used mainly to fund the costs of the transaction and for working capital.
"This was an important milestone to be achieved for both companies and we are now ready to commence with a formal offer to JDC shareholders," says E-Data chairman James Stride.
Mossel Bay-based JDC describes itself as a high-technology trailer manufacturer with registered patents in more than 40 countries.
The reverse listing, planned for early November, is still subject to shareholder and regulatory approval.
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