Poynting completes Aucom purchase
Poynting has completed its acquisition of African Union Communications (Aucom).
In June, JSE-listed Poynting entered into an to agreement to acquire 100% of the issued share capital of African Union Communications (Aucom) for an amount of R49.5 million.
Under the agreement, shares will be settled by way of the issue of 66 million Poynting shares at an issue price of 75 cents per share.
The sellers will receive 50% of the Actual Net Profit After Tax achieved during the financial years ending 30 June 2014, 2015 and 2016 in excess of the minimum cumulative Net Profit After Tax of R38.0 million required to be achieved during such financial years.
Aucom, which is based in Pretoria, was founded in 2001 to focus on providing professional products, system integration and implementation and commissioning services to the broadcast and telecommunications market in Africa.
Aucom’s client base is evenly split between South Africa, and the rest of the African continent.
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