Dynamic Cables RSA makes debut

By Iain Scott, ITWeb group consulting editor

Johannesburg, 06 Mar 2001

Dynamic Cables RSA, formerly Conlog Holdings, rose 9c after making its debut on the JSE`s development capital market yesterday.

About 5 000 shares in the company, whose new name also came into effect yesterday, were traded during the day.

The share closed at 47c, up 9c from Conlog`s 38c close on Friday.

The company has also announced that just more than 17 million shares were offered to and accepted by the company in terms of its repurchase offer which closed on Friday.

Conlog had offered to repurchase up to 40% of its issued shares at 40c each.

The number of shares offered to the company amount to 31.69%, which executive director Allen Pheiffer says was a better than expected response.

Until its acquisition of Dynamic Cables from Cape Empowerment Trust, Conlog`s only assets were cash and receivables arising from the disposal of its businesses, carried out to eliminate debt.

Dynamic is a wholesale distributor of telecommunications infrastructure and cabling, including a variety of exclusive ranges of telecommunications cabling.

It says in its pre-listing statement that it is considering further acquisitions to complement the Dynamic business.