Less is more – 4Sight Holdings buys back 30.6% of issued shares
As announced on SENS on 6 October 2020, 4Sight Holdings (4Sight) has completed the disposal of Digitata.
In November 2019, 4Sight began realigning its strategy for future growth by focusing on the convergence of three key areas: Business environment, IT and operational technologies. During this journey, it became clear that Digitata, which focuses on telecoms products, did not fit into 4Sight’s new strategic business framework. Therefore, 4Sight decided to dispose of Digitata, as announced on SENS on 7 April 2020. At the Special General Meeting held on 22 September 2020, the disposal was approved by 4Sight shareholders.
With this transaction completed, 290.5 million 4Sight shares were removed from the total issued share capital, leaving 4Sight with 659.9 million shares resulting in a 30.6% reduction in issued shares. The impact of the reduced issued shares attributed to 4Sight’s continued operations headline earnings per share improving by 25.9%, as announced on SENS on 24 August 2020.
During the unprecedented COVID-19 pandemic, 4Sight’s cash and cash equivalents have increased by 13.1% year-on-year across its continued operations. “With 4Sight’s strong cash position, the company is in an excellent position to execute on its realigned business strategy and focus on further acquisitions and investment into the 4Sight strategy,” says Eric van der Merwe, Financial Director of 4Sight.
“Moving forward, 4Sight continues to focus on delivering 4IR technologies, people and intelligent data solutions, with the new digital economy as our playground. Delivering integrated 4IR solutions to our customers is in our DNA. Within 4Sight, we have the skills, solutions, people and references to deliver meaningful impact with our partners (customers and vendors),” commented Tertius Zitzke, CEO of 4Sight.
“As we continue the journey into the new digital economy, we are excited to showcase many of our solutions, thought leadership and people to the market. 4Sight is hosting a fully digital event, Converge Summit 2020, on 22 October 2020. We will be focusing on the delivery and production components of our strategy and how we create meaningful impact with our partners in the modern digital economy,” concluded Zitzke.
For more information on Converge Summit 2020, please go to www.registertoday.co.za and register to attend at no cost.