Square One has announced that the agreement relating to its acquisition of the business of Utho Technologies has been dissolved.
The reasons for the move are not immediately clear and company spokesmen could not be reached for comment. Staff said they had taken a long weekend and would be back only on Wednesday.
CEO Trevor James could also not be reached to comment on the implications of the dissolution of the agreement.
The deal, first announced in February 2004, had two components: the acquisition of the Utho Tech business with effect from 1 January 2004 to be settled by the issue of 7 million new shares; and the sale of shares by major Square One shareholders to give Utho Tech a controlling interest (56.4%) in the group.
Square One says the agreement relating to the share sale has also been dissolved.
Square One CEO Trevor James said at the original announcement of the deal that Utho Tech, a subsidiary of Utho Investment Holdings, would bring both skills and additional services to the group, as well as opening market opportunities and creating a black partnership.
The Square One share closed unchanged at 85c on the JSE on Friday. It was untraded by midmorning today.
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