OSI`s delisting is set to go ahead next month after shareholders yesterday gave the company the go-ahead to make an offer to buy all its shares and leave the JSE`s boards.
OSI said last month that it was experiencing difficult trading conditions as a result of the downturn in the technology sector and the airline industry, from which it derives most of its revenue.
The board said negative sentiment towards small-cap companies with limited liquidity would preclude any rapid recovery of the share price and that management time and expenses related to the JSE listing were not justifiable.
OSI`s offer to buy all its shares back at 22c each opened this morning. The listing will be suspended on 11 August and the offer will close on 15 August.
The company says the results of the offer will be announced on 19 August, the day scheduled for the end of its listing.
About 71.8% of OSI`s shares are held by joint MDs Hennie le Roux and Thijs Swart and the OSI Share Trust. These shares are to be retained.
Last November OSI reported that it had incurred an attributable loss of R714 000 for the six months to 30 September. This was after a brief return to profitability in the preceding financial year.
For the 12 months to March 2001 it incurred an attributable loss of R4.07 million in a year marked by extensive restructuring.
The OSI share was untraded at 21c on the JSE early this morning.
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