Zaptronix says that it has no intention of delisting its share from the JSE, contrary to several news reports.
The group recently announced a reverse takeover in terms of which an issue of shares to acquire DuO Solutions Provider would result in a change of control, with DuO owning an 81% stake in Zaptronix.
In that announcement it said that as the JSE rules define the transaction as a reverse takeover, the continuation of the listing was uncertain.
This was interpreted to mean that the company was planning to delist.
"The directors and major shareholder in Zaptronix - Gandalf Trust - would like to make it clear that this is not the case and that it has never been the intention of either Zaptronix, DuO, the directors of the merged entity, or the corporate advisers to the transaction to delist Zaptronix," the company says in a statement issued on the JSE`s news service.
It says the reference to the uncertainty of the continued listing is a JSE requirement, as a reverse takeover is subject to the JSE`s assessment of the suitability of the listing after the deal.
"The trustees of Gandalf Trust, the restructuring advisor to Zaptronix, advise all stakeholders that their involvement in companies is aimed at refocusing business operations and seeking new opportunities for such companies, with the intention of restoring value for shareholders.
"It is accordingly never their intention to delist the companies in which they become involved."
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