Grintek names delisting date

By Iain Scott, ITWeb group consulting editor

Johannesburg, 04 Apr 2005

The Grintek share is expected to be delisted from the JSE from the start of trade on 17 May.

The group says the High Court has granted it permission to convene a meeting on 25 April, at which shareholders are to vote on a scheme that will see Swedish group Saab acquire Grintek for 190c a share.

Last month the Grintek board said it was recommending that the shareholders support the deal.

Should the meeting go in favour of the scheme, the Grintek share is to be suspended from the start of trade on 9 May and delisted on 17 May.

In February the Grintek board said it had received notification from Saab that the Swedish group, through a local subsidiary, had a firm intention to make the offer.

The deal excludes the stake in Grintek owned by Kunene Finance Company and Kunene Technology Investments.

Saab first indicated in November last year that it might offer to buy Grintek. The Grintek share, which had been trading around 125c to 130c in the preceding weeks, rocketed to 180c in response.

The share closed at 180c on Friday, down 2c from Thursday`s close.