Shareholders owning the bulk of shares in Vox Telecom have voted in favour of a scheme in which the company will be bought out and delisted.
Vox said in mid-July that it had received a R499 million buyout bid from a consortium composed of the Lereko Metier Capital Growth Fund and Investec Bank, which will see it de-listed on 29 November if the deal goes through.
Currently, the consortium owns a 42.45% stake in Vox, which increased from 42.06% after Investec grew its share to 17.61%. The Lereko Metier Capital Growth Fund had an existing 24.8% stake.
The consortium is offering to buy Vox shareholders out at 45c a share, or swap stock. The company's shares are currently trading at around 45c.
Yesterday, Vox told shareholders the buyout had been approved by the majority of shareholders at a scheme meeting. It said shareholders owning 430 626 shares, or 0.0388% of its stock, voted against the scheme.
Shareholders can opt to keep their investment in Vox, swapping 10 shares in Vox for one in the consortium. Shareholders also have the option of selling some shares and swapping others for a stake in the consortium.
The deal is still subject to certain conditions being wrapped up, said Vox.
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