Retail has-been Wooltru will see its listing move to the technology computer services sector of the JSE, after the PBT Group reverse lists into the shell.
In the middle of this year, PBT said it would reverse list into Wooltru, which would make it the first listing in the IT sector since Poynting Holdings joined the bourse on 9 July 2008. In the telecoms sector, the most recent listing was when Vodacom was unbundled last year.
PBT has two subsidiaries: PBT Technology Services and PBT Infosight. It also owns all of Stricklands Tetra Cape and 51% of PBT Insurance Technologies. PBT plays in the business intelligence and information management space and has clients in SA and Australia.
The reverse listing results in Wooltru buying all of PBT Group, all Stricklands Tetra Cape and 51% of PBT Insurance Technologies, for a maximum of R232.2 million, paid for through the issue of 5.1 million Wooltru shares. Once the deal has gone through, PBT will own 35% of Wooltru.
Wooltru's shares will be issued in two batches, with the first set to be issued on 25 November and the second in February, when PBT fulfils its profit warranty. Wooltru's shares will move from the financial services index to the technology computer services sector of the bourse, on 29 November.
Wooltru, until the end of the last decade, was SA's largest retailer and owned Massmart, Woolworths, CNA and Truworths. With the exception of CNA, which is owned by Edcon, all the other companies are now listed in their own right.
Related story:
PBT to take over retail has-been
Share