VenFin shareholders have been told that the deal to dispose of all of VenFin`s assets, with the exception of its 15% stake in cellular network operator Vodacom, was implemented yesterday.
In addition to the Vodacom shareholding, VenFin`s other asset is the R5 billion paid by a newly incorporated unlisted public company (Newco) for the non-Vodacom assets.
The disposal follows the announcement last week that UK cellular network group Vodafone had acquired 66.7% of VenFin and that its offer for the company was now unconditional.
Previously, the offer was conditional on receiving acceptances in respect of 90% of VenFin`s shares.
Vodafone is offering R47.25 per VenFin share, with the aim of increasing its own shareholding in Vodacom to 50% - equal to the stake held by fixed-line network operator Telkom.
Newco is to be incorporated with the same share capital as VenFin, and all VenFin shareholders who accept Vodafone`s offer are to receive a pro-rata right from Newco to use some of the proceeds from selling their shares to buy shares in Newco.
This is on the basis of one ordinary or B ordinary share in Newco for each VenFin share of VenFin B share sold.
The assets sold to Newco include shareholdings in telecommunications-focused company Psitek, as well as technology interests including a $100 Dimension Data convertible bond, Idion Technology Holdings, Comsco Intervid, Tracker and GenuOne.
Other investments are in the media and financial and risk sectors, as well as equity funds.
The VenFin share was untraded at 5 074c on the JSE early this morning.
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