JSE-listed Datatec moved a step closer to a listing on London`s Alternative Investment Market today, as it released its pathfinder admission document.
Pathfinder is a formal document that provides investors involved in the preliminary private placing with information on the company. Datatec proposes to issue 16 million shares, which will represent about 10% of its shares in issue after the placing, in order to raise $55 million, or about R429 million.
Indications of interest have been confirmed for $10 million from cornerstone investors.
Datatec, which has a market capitalisation of R4.4 billion, is listed on the JSE and aims to list in order to expand geographically, invest in higher margin services activities and acquire operations that will add value to its portfolio.
About 98% of the group`s revenue is generated outside SA, mostly in the US and UK. In the year to end-February, the company reported revenue of $2.98 billion, an 18% increase.
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