Muvoni to be sold, delisted from Alt-X
Muvoni Technology Group says it has received a firm intention from Horizon Investments & Financial Services to acquire all the issued shares in the Alt-X listed firm IT group.
Muvoni Technology specialises in services that include, amongst others, criminal background checks, pre-employment screening, automated fingerprint identification systems and biometric solutions.
The offer price is 20 cents per scheme share and is payable in cash.
It represents a 55% premium to the 9 cents closing price of a Muvoni share on Friday (12 April 2013).
The group said that the implementation of the scheme will result in the de-listing of Muvoni from the Alt-X board of the JSE.
“The intention is to convert Muvoni to a private company subsequent to the implementation of the de-listing,” it said.
Horizon is a private property investment company, established in 2002 by its sole shareholder the Keating Family Trust. Keith Warren Keating is the only director of Horizon.
In December Muvoni reported a healthy rise in operating profit from continuing operations for the year ended August 2012, to R11 million, from R6.22 million before.
The group was helped by sale of Ideco Biometric Security Solution at the end of 2011.
Revenue from continuing operations improved to R106 million, from R99.69 million in 2011.
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