CCN Holdings` offer to buy minorities` shareholdings opened this morning ahead of the company`s planned delisting from the JSE.
The company, a call centre services provider, says the requisite majority of shareholders at a meeting yesterday passed the resolutions relating to the suspension and termination of the company`s delisting.
They also approved the offer to minority shareholders, which opened at 9am today.
CCN is offering to buy minorities` shares at 115c each. The offer closes at noon on 9 July.
CCN announced in April that it planned to delist because it did not comply with the spread requirements of a JSE main board listing, which requires there be at least 500 public shareholders and a minimum of 20% of the share capital to be in public hands.
The controlling shareholders - the executive directors and a pool consortium - hold about 87% of the issued shares.
The company also said its board believed that management time related to the continued listing was not justifiable.
The CCN share was untraded at 108c yesterday.
Related story:
CCN to delist from JSE
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