JSE-listed SecureData Solutions is to wind up after unbundling its last remaining asset - its stake in ERP.com Holdings - to shareholders.
SecureData announced in April that it would distribute the 33% stake in ERP.com, which it received as payment for the products division, sold to ERP.com with effect from 1 August 1999.
The sale of the SecureData name was also part of that deal, and the JSE-listed company no longer has a connection with ERP.com's SecureData (Pty) Ltd.
The company says its shareholders will receive about 49 ERP.com shares for every 100 SecureData shares they own, although the exact ratio will be determined after finalising the unbundling and liquidation costs.
SecureData says that the directors considered various alternatives concerning the company's future strategic direction, but decided that none of these were appropriate.
The decision to wind up the company was taken after the directors noted that the SecureData shares trade at a discount to the underlying net asset value of 15c a share, and that the volume of shares traded since the disposal has been low.
Subject to various conditions, including shareholder and regulatory approval, the share will be suspended and then delisted in anticipation of a members' voluntary winding-up.
A liquidation dividend may also be payable to shareholders registered on the unbundling record date, expected to be on or about 31 August 2001.
The delisting and winding-up process is expected to be finalised by no later than 31 March next year.
The SecureData share was unchanged at 6c on the JSE this morning, while the ERP.com share was unchanged at 18c.
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