An offer has been tabled to buy Aplitec for R825.6 million, which, if accepted, will result in shareholders receiving 475c a share on the voluntary winding up of the listed entity.
The offer comes from Newshelf 713, a new company to be renamed Net1 Applied Technologies SA. It has no operating assets and is 100% held by funds under the management of Brait SA.
Once all conditions to which the offer is subject have been fulfilled or waived, Brait will transfer 100% of the issued capital in the offeror to Net1 UEPS Technologies (NUEP), which is incorporated in the US.
Aplitec says the offer is the first significant step in a proposed series of interlinked transactions that will create a global group positioned to develop its integrated payment and settlement system.
Aplitec owns the exclusive rights to the technology in SA and surrounding territories, while NUEP owns the rights to the technology in the rest of the world.
The plan is that the entire undertaking of Aplitec, excluding R300 million cash, will be disposed of for R825.6 million after taxes and liquidation costs. Shareholders will receive 475c per share as an advance distribution if they approve the voluntary winding-up of Aplitec.
The group says shareholders may elect to receive 190c cash and an investment of 285c per Aplitec share in the offeror and the right to participate in the future global group through the swap of their shares in the offeror for shares in NUEP.
Aplitec says undertakings to vote in favour of the disposal have been received from shareholders holding 54.83% of the issued share capital entitled to vote. Undertakings to elect the reinvestment option have been received from shareholders owing 57.54% of the issued share capital.
The company is trading under cautionary as the board is considering the terms of the offer and the implications for Aplitec and its shareholders.
The Aplitec share was trading at 540c this morning, down 20c from Friday`s close.
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