Investec Bank has increased its stake in Vox Telecom to 12.1%, on the back of an earlier announcement indicating it is part of a group buying out the listed telecoms company.
Last month, Vox said it had received a R499 million offer from a consortium composed of the Lereko Metier Capital Growth Fund and Investec Bank, to indicate a firm intention to buy out the company at 45c a share. The deal will see Vox delisted from the JSE.
On Monday, Vox issued an announcement indicating Investec had bought several shares at 45c, taking its stake from 11.1% to 12.1%. Vox's shares closed at 46c on Monday.
Investec's stock acquisition takes the consortium's total ownership of Vox shares from 35.9% to 36.9%. The Lereko Metier Capital Growth Fund had an existing 24.8% stake in Vox.
Last month, Vox said shareholders could opt to keep their investment in Vox, swapping 10 shares in Vox for one in the consortium. Shareholders also had the option of selecting to sell some shares and swap others for a stake in the consortium.
Vox wants to delist from the bourse so it can focus on its business strategy without having to deal with the JSE's compliance requirements. It noted, at the time, that there was “potential for pressure on short-term profitability”.
The company has changed its focus and is moving least cost-routing (LCR) customers onto a new network, Cristal Vox. The shift is necessary because lower mobile termination rates have been eroding traditional LCR margins.
In its half-year results to February, Vox reported revenue 11% lower, at R925 million, from R1 billion a year ago. Net profit was slightly lower, at R23.9 million, from R25.5 million.
Share