Adapt IT to delist as Volaris deal nears completion
JSE-listed software services group Adapt IT will delist from the local bourse in the first week of January.
The Tiffany Dunsdon-headed Adapt IT, which listed on the JSE in October 1998, announced its delisting plans yesterday, as its takeover transaction with Canadian software group Volaris nears completion.
The remaining conditions of the deal are expected to be fulfilled by 30 December and it will delist from the JSE on 4 January, Adapt IT said in a statement.
“The scheme is still conditional upon the following remaining scheme conditions: scheme participants making the exit election (or being deemed to have made the exit election) in respect of at least 50% plus one of the Adapt IT shares (excluding excluded shares) and the announcement of such result on SENS; and the receipt of a compliance certificate or exemption issued by the takeover panel in terms of the Companies Act in relation to the scheme.”
Adapt IT takeover discussions took place during the past few months as Volaris battled Huge Group to garner shareholder support to control the software services company.
Ultimately, Volaris emerged with an upper hand, after Adapt IT shareholders voted overwhelmingly in favour of the Canadian software group’s buyout scheme.
Some 69.82% of Adapt IT shareholders, holding 95 834 979 shares, voted in favour of the Volaris deal.
The Canadian company is offering Adapt IT shareholders R7 per Adapt IT share.
Adapt IT will delist without its founder and former CEO Sbu Shabalala, who terminated his employment with Adapt IT in August and also resigned as director. Dunsdon then replaced him as CEO.
Adapt IT Holdings employs over 550 people across its four business divisions: mining and manufacturing, energy, financial services and education.