Online broker Tradek`s JSE listing was suspended this morning after minority shareholders accepted an offer from Northpark Trading 47. The share will be delisted in March.
Tradek announced in November that Northpark, a consortium led by former SocGen SA MD Peter Gray, bought 36.9% of the company for R8.18 million, equal to 12c a share.
Northpark`s purchase of the shares from Archway Venture Partners Trust and Genbel Securities brought its total stake to 64.9%.
Former CEO Paul Theron became a non-executive director, a position he said he would hold until the delisting was completed, while Gray was appointed CEO.
Tradek says shareholders representing 93.6% of the affected shares accepted the offer of 12c a share, bringing Northpark`s shareholding to 97.7%.
In terms of section 440K(1) of the Companies Act, Northpark has given notice that it intends to acquire the shares held by shareholders who did not accept the offer.
Trading in Tradek`s shares was suspended from the start of business today and the listing is to be terminated on 10 March.
Tradek`s results for the six months to September showed a R424 000 loss. The broker incurred a headline loss of R285 000, or 0.15c a share, compared with a year-earlier interim profit of 0.05c a share.
Related stories:
Tradek CEO steps down
Consortium plans to delist Tradek
Share
