AltX-listed ISA Holdings has completed a R22 million deal, which sees black economic empowerment (BEE) holding company Viewcrest acquiring 32.5% of ISA. The ISA board of directors informed shareholders on Friday it had allocated a new issue of 62,592,593 ordinary shares for cash, at a subscription price of 35.234c per share, to Viewcrest.
Viewcrest includes Silverline Consulting Services and EmpowerGroup Holdings. "The members of Viewcrest have extensive experience and knowledge of the ICT market and will bring both operational and strategic synergies to the group," says ISA in a JSE statement. The deal means that 32.5% of ISA's shares belong to an 80% black-owned and 80% black-controlled company, with 50% black women shareholding, notes the statement.
ISA management will nominate Jayne Phiri as group non-executive chairperson, and Alan Naidoo and Andrew Maren as non-executive directors to the ISA board. The price for the issue of shares was determined by the directors on 3 May this year and was based on the weighted average trading price for the period between 15 March and 2 May, less a discount of 19.18%.
This issue of shares increases the total number of ordinary shares in issue from 130 million to 192,592,593 ordinary shares. The application to list these shares has been approved by the JSE.
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