Johannesburg Stock Exchange (JSE)-listed technology group Etion has received massive shareholder backing to delist from the local bourse.
Etion announced the decision today after its general meeting, saying investors representing 54.08% of shares in the company supported the move to de-list from the JSE.
Total number of shares in issue at the time of the general meeting was 564 411 033.
Etion set in motion plans to delist from the JSE in November last year, saying the company intends to unlock shareholder value by selling off its operating entities, and would distribute the net proceeds received to shareholders in the most efficient manner.
In its proposition, Etion said, after delisting from the local bourse, shareholders will receive the cash scheme consideration of 55.58c per scheme share repurchased from the relevant scheme participant by the firm.
The company said at the time: “The Etion board, including the independent board, believe the scheme is in the best interest of shareholders and should unlock significant value, as the total anticipated value of 55.58c per scheme share, being an aggregate scheme consideration of approximately R313 717 359.”
Today, Etion announced: “Shareholders are hereby advised that at the general meeting of the company held via a remote electronic platform at 9:00 today, Wednesday, 4 January 2023, all of the resolutions were passed by the requisite majorities of the company’s shareholders.”
The Centurion-based Etion, which has a footprint in digital and cyber security services, embarked on a disposal of assets process last year.
Since then, Etion has offloaded some of its companies, including LawTrust, Etion Connect, Etion Create and Parsec Properties.
LawTrust was acquired by Altron. The company then sold its shares in wholly-owned subsidiary Parsec Properties, while Etion Telecommunications acquired Etion Connect on 7 September for R71.5 million.
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