More than 90% of Muvoni Technology Group shareholders have voted in favour of a deal that will see the company leave the JSE's Alternative Exchange board at the end of next month.
The vote follows an offer from Horizon Investments & Financial Services to buy 15% of its stock, at 20c a share, which is a 55% premium on the mid-April share price, when the deal was announced. Muvoni is currently trading at 18c and has a market capitalisation of R36.4 million.
On Friday, Muvoni announced that at the scheme meeting, held on Friday, more than 99.76% of scheme members voted in favour of the resolutions. As a result, should the deal be successfully completed, Muvoni's listing will be terminated on 30 July.
Horizon will buy all the shares not held by Muvoni Investment Holdings (MIH), CEO Vhonani Mufamadi and ZNG Technologies, which collectively have an almost 15% beneficial interest.
Muvoni, which used to be called Ideco, provides criminal background checks, pre-employment screening, automated fingerprint identification systems and biometric solutions.
Muvoni has said the bid provides Muvoni shareholders - other than those who remain invested - with a "cash exit opportunity at an attractive premium to the current and historical market prices of the Muvoni shares".
Muvoni shares were trading at highs of 117c in February 2009 before the stock started coming off, dropping down to current levels. Towards the end of 2007, it reached 136c before declining and recovering again in 2009.
In the six months to February, Muvoni reported higher revenue, at R59.7 million from R52.6 million, but made a net loss of R779 000, compared with a R5.5 million profit in the first half of 2012. It did not declare a dividend.
Horizon is a private property investment company that was established in 2002 by sole shareholder - the Keating Family Trust - with Keith Keating as its only director. After the deal, Horizon will own 15.41% of the stock, while MIH will have 41.42%, ZNG will own 40.09% and Mufamadi just more than 3%.
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