Newshelf 713`s offer to buy JSE-listed Aplitec has been increased by 25c to 500c a share.
Aplitec announced last week that Newshelf 713, a new company to be renamed Net1 Applied Technologies SA, had offered to buy the group. Newshelf has no operating assets and is 100% held by funds under the management of Brait SA.
Once all conditions to which the offer is subject have been fulfilled or waived, Brait will transfer 100% of the issued capital in Newshelf to Net1 UEPS Technologies (NUEP), which is incorporated in the US.
Aplitec says the offer is the first significant step in a proposed series of interlinked transactions that will create a global group positioned to develop its integrated payment and settlement system.
Aplitec owns the exclusive rights to the technology in SA and surrounding territories, while NUEP owns the rights to the technology in the rest of the world.
The group says it decided on integrating Aplitec and NUEP after analysing a number of options aimed at addressing the conflict of interest between the two entities.
The disposal will result in shareholders receiving an advance distribution of 500c per share if they elect the cash option. Shareholders who choose the option to reinvest will receive 475c a share and be able to reinvest 285c a share in the new entity.
Related stories:
R826m offer for Aplitec
Share