SDT Financial Software Solutions' R50 million reverse takeover of Synergy Holdings is being delayed because of past "accounting and company secretarial matters" at Synergy.
Synergy, which became a cash shell after the disposal of its last operating subsidiary, is the vehicle through which Pretoria-based SDT is listing on the JSE.
The company is to be renamed SilverBridge Holdings once the deal is finalised, with the listing being transferred to the JSE's alternative exchange, AltX.
Synergy issued a statement late this morning saying the deal has been delayed "due to certain historical accounting and company secretarial matters, which were incorrectly executed prior to the change of control of the company (in December 2005)".
SDT director Jaco Swanepoel, who is to be SilverBridge's MD, says the issue is not a serious one.
"It's only a technicality," he says. "It's in connection with the cancellation of shares that wasn't done in a proper manner.
"We're in discussions with the JSE and with the Registrar of Companies. The key thing is that we need to cancel those shares."
He says the matter has not affected the acquisition plans, other than to delay them.
The Synergy statement says the company's board expects to have dealt with the issue within the next few weeks, after which the process to obtain regulatory approval will continue.
Related stories:
Synergy issues its final results
Synergy in reverse takeover
Share
