JSE-listed UCS Group has finalised the acquisition of Affinity Logic after receiving Competition Commission and shareholder approval.
UCS shareholders have approved the resolutions relating to UCS`s acquisition of Affinity Logic for R35.24 million in cash and the issue of about 10.77 million UCS shares to the Affinity vendors.
The issue for cash of five million UCS shares to certain members of Affinity management has also been approved.
UCS says the Competition Commission has approved the acquisition and the vendors` loan accounts in Affinity have been settled.
The Affinity management shares have been subscribed for in full and the JSE has granted a listing for about 15.77 million new UCS shares from 6 October.
The majority shareholder in Affinity Logic was Datatec, which had a 55% stake.
Other shareholders included Massmart Holdings, certain Affinity management members and the Affinity staff share trust.
Related story:
UCS buys Affinity Logic for R42m
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