Merger discussions between the central depositories Strate and Unexcor are still in the infancy stage, with the corporate finance teams of the shareholders still compiling the valuations of both companies.
In no way are we awaiting a decision from the Bond Exchange regarding this merger.
Monica Singer, CEO, Strate
Strate CEO Monica Singer yesterday issued a statement clarifying a previous article. She explained that should this valuation, and the initial negotiations between the respective shareholders be completed by 22 August, then it could be presented to the Strate board of directors for their consideration.
The Bond Exchange of SA is not a party to these discussions and is simply a client of Unexcor that handles the exchange's settlements.
"In no way are we awaiting a decision from the Bond Exchange regarding this merger," Singer says. "The merger is dependent upon the Unexcor and Strate shareholders presenting a proposal to their respective boards for approval. The Bond Exchange is not involved in this decision or the discussions at this stage."
Referring to the prospect of Strate possibly settling money market instruments, Singer says both Strate and Unexcor have bid for the settlement of money market instruments. "The awarding of this contract by the Money Market Forum is pending due to the outcome of the merger discussions."
Singer says JSE CEO Russell Loubser was her boss while she worked at the JSE before 1999, but since her appointment as CEO of Strate she reports to all the Strate board members.
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