The MGX share price halved this morning after trade in the share, which was suspended since October, resumed.
The share, which was at 6c when it was suspended at the request of directors on 20 October, was trading at 3c at 10.21am today. About 8 000 shares had changed hands.
The group originally requested that the JSE suspend the share to allow it to finalise negotiations with capital providers.
It says the related common terms agreement has been signed and approved by shareholders, who have also approved various disposals.
The disposals will result in the reduction of MGX`s interest-bearing liabilities and overdraft by about R119 million.
The group said at the release of its results at the end of March that it would seek to delist the share from the JSE, a move the board has now confirmed on the basis that the costs of complying with listing regulations were greater than MGX`s market capitalisation in the 2003 financial year.
The group is in talks with the JSE, the Securities Regulation Panel and its advisers to decide on the most appropriate way to effect the delisting.
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