I-Fusion shareholders forfeit deferred payment

By Iain Scott, ITWeb group consulting editor

Johannesburg, 23 May 2001

I-Fusion has confirmed that its shareholders who accepted a deferred payment offer in terms of the acquisition of the company by Bidvest will not receive any such payment.

The "agterskot" payment of 80c a share was contingent on I-Fusion achieving at least R11.2 million after tax for the 12 months to 28 February 2001.

I-Fusion shareholders were offered a cash payment of 70c per share, with a further 80c a share dependent on I-Fusion achieving the profit target.

Alternatively, shareholders were able to take a flat cash offer of 100c per share.

Shareholders were initially notified at the release of I-Fusion`s interim results in February that it was unlikely the "agterskot" payment would be made, but the company was waiting for verification of the results before making an official announcement.

The I-Fusion share was unchanged at 49c on the JSE this morning.