Spicer has come to an agreement to dispose of its final operating division, Swedish-based Inter IT-Konsult, as part of its structured winding up.
The deal sees Spicer selling Spicer Swedish Holdings and subsidiary Inter IT-Konsult to Riannon for a nominal sum of R1.
Spicer Swedish Holdings will pay the Spicer group R2.8 million in settlement of its loan account with Spicer. Spicer is already in possession of R400 000 of the settlement with the remainder to be paid on the closing date of the settlement.
Spicer will use the R2.4 million to settle its loans with financier Standard Bank SA. The amount paid will be in full and final settlement.
Spicer will also repurchase and cancel 57 million Spicer shares from Terexko, which holds a 13.94% stake in Spicer.
The group has structured the deal with Terexko, whom Spicer has been in legal disputes with for some time, so that Terexko will receive R1 for the 57 million Spicer shares and in return all legal claims between the companies will be dropped.
Spicer will delist from the JSE and wind up operations by means of liquidation.
However, Spicer management has warned investors not to expect funds to be left over for a final liquidation dividend.
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