OSI was delisted from the JSE this morning after shareholders owning more than 90% of the company accepted its offer to buy their shares for 22c each.
OSI has been experiencing difficulties as a result of the downturn in the technology sector and the airline industry, from which it derives most of its revenue.
It has cited negative sentiment towards small-cap companies and management time and expenses related to being on the JSE`s boards as some of the reasons for the delisting.
In terms of the Companies Act it is entitled to compulsorily acquire all shares from the minority shareholders who did not accept the offer.
It says a notice will be posted to those shareholders in due course.
OSI, which was founded in 1993, listed in 1998. Last November it reported that it had incurred an attributable loss of R714 000 for the six months to 30 September.
Related stories:
OSI shareholders approve delisting
OSI slips back into the red
Share
