Bryant Technology has announced that it is under new management after disposing of its entire IT business as a going concern for R243 090.
The first deal leading up to the changes took place on 4 November, when Bevdev CC agreed to subscribe for 34 million Bryant shares at 0.1c a share in an issue of shares for cash.
This increased the number of shares in issue to 230 million shares and the subscription equated to a 14.78% shareholding.
"The price of 0.1c for the issue of shares was based on a premium in relation to the net asset value of -0.88c per share at 30 June 2004," the company says in a notice to shareholders.
On the same day, Bryant agreed to sell its entire IT business, comprising assets, liabilities and trade names at book value to Zamori 243 for R243 090 cash. The purchaser is a company owned by black economic empowerment staff members of Bryant.
"The directors of Bryant are of the opinion that for Bryant to retain its listing on the JSE in its current form is not practicable as the company has been unable to achieve profits for the past five financial years," it says.
On 9 November, Bevdev acquired 103.75 million shares from directors Bill and Geraldine Marchant for R100 000, the equivalent of 0.0964c a share. This represented 52.93% of the issued share capital prior to the issue of shares for cash.
The Securities Regulation Panel has waived the requirement for a mandatory offer to the minority shareholders on the de minimus principle, meaning that an offer of 0.1c a share is too small to be meaningful.
Bill and Geraldine Marchant have resigned from the board, while two non-executives, DJA White and JE van der Burgh, have been appointed.
"It is the intention that Bryant will acquire assets capable of making profits and increasing shareholder wealth, thereby maintaining its listing on the JSE," the company says.
"In this regard an agreement has been entered into, effective from 9 November 2004, to acquire a majority interest in an open choice capitation-based medical scheme business."
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