JSE-listed Square One Solutions Group will have its stake in subsidiary companies sold off and be de-listed from the Johannesburg bourse when the liquidation is wrapped up.
The company, which was formed 23 years ago, was put into final liquidation last week and the liquidator is now starting the process of valuing its holdings and finding buyers for its subsidiaries.
Square One applied for liquidation of the listed entity in May, at the same time suspending trade in its shares, because of its “precarious financial” situation.
Liquidator Dawie van der Merwe, from Independent Trustees, says ultimately all of Square One's holdings in various entities will be sold. However, he expects the process of wrapping up the company to take many months, and cannot indicate when it will be completed.
Square One's assets are limited to its stake in several operating subsidiaries. The company owns all of Structured Infrastructure Solutions, Square One Technology Solutions, Square One Managed Services, Square One Group Operations, Square One Solutions and 51% of Square One Capital, according to its Web site.
The company's financial position caused its auditor, as far back as April, to raise concerns over its ability to continue operating. Its last set of results for the year to December showed it had made a net loss of R19 million.
Former CEO Trevor James says he is no longer a director of the firm and has no involvement with Square One.
The company's shares last traded at 10c before the suspension came into effect.
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