Supply chain solutions group OneLogix is to apply to transfer its JSE listing the alternative exchange, AltX.
OneLogix announced yesterday that it had agreed to buy back Corpcapital Investments` 83.77 million shares in the company, representing a 30% stake, at 12c a share.
The group says the shares will be cancelled, resulting in director Neville Bester holding more than 35% of the issued shares. In terms of regulations, that triggers a mandatory offer to all other shareholders.
OneLogix says it has received irrevocable undertakings from shareholders owning 183.87 million shares not to accept the offer.
This means the maximum number of shares it can buy back in terms of the offer is 12.74 million, or 6.5% of the issued shares after the buyback from Corpcapital.
The company says it has decided to apply to transfer its listing from the main board to AltX and has appointed Java Capital as its designated adviser.
AltX was established last year as an alternative exchange for small to medium growing businesses.
The JSE is also planning to close down the venture capital market and development capital market and has told companies on those boards to apply either for an AltX listing or a main board listing.
Only two companies are trading on AltX at present: Beige and Insurance Outsourcing Managers.
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