Gijima to delist from the JSE
Struggling JSE-listed technology group, Gijima says that Yebo Guma Investments has made an offer to acquire all of its remaining shares.
Gijima will also delist from the stock exchange.
Each offer shareholder will receive payment of an amount of 220 cents per offer share in cash on scheme consideration record date.
It represents a 10% premium to the price of a R100 million rights offer completed in December 2014, and a 31% premium to the 30 day volume weighted average price of 168 cents as of the last trading day prior to this firm intention announcement, Gijima said.
Prior to the rights offer, the Guma Entities, other than Guma ICT owned 46.7% of Gijima’s issued shares. The rights offer resulted in the Guma Entities interest in the issued shares of Gijima increasing to 88.4%, leaving it with a small remaining free float of 11.6%.
“Given the small remaining free float and the current status of the company’s turnaround which is ongoing, Guma believes it is in the best interests of the Company to be held 100% by the Guma Entities and to delist, thereby enabling it to complete the turnaround in an unlisted environment,” Gijima said.
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