The findings and recommendations by the financial expert will assist Adapt IT shareholders to understand the implications of the proposed transaction.
The company assigns a four-member team to conduct due diligence on the proposed R800 million acquisition.
Huge Group gets the backing of the majority of its shareholders to proceed with the proposed takeover of JSE-listed software services firm Adapt IT.
The surprise bid will see the company offer Adapt IT shareholders R5.52 per share, which it says is a double-digit premium.
Cash generated from operations improved by 27% to R227 million.
The company prioritises the reduction of borrowing and preserving cash for the financial year ended 30 June, and as a result, no dividend was declared.
CaseWare Africa, a division of Adapt IT, has released details of its latest addition to the assurance product suite: ISRS Agreed-Upon.
Adapt IT now provides solutions for the sound management of tertiary institutions as a Moodle partner in SA, Botswana, Kenya, Mauritius and Nigeria.
Revenue increased by 10% to R721 million and EBITDA remained level at R106 million.
The company fails to declare a dividend on the back of decreased profit for the six months to December 2019.
Both companies cite tougher market conditions as the reason for the dip in performance.
The company’s exposed information includes daily logs of user activity by customers of ISPs using Web filtering software.