FoneWorx, a listed telecoms and IT solutions provider has advised that the terms of its merger agreement with Value+ Nettwork are being renegotiated.<\/p>\n
The group announced in December that it would purchase the business of Value+ for\u00a0R191.18 million, payable in FoneWorx shares priced at R2.11 per share.<\/p>\n
Value+ would then be renamed Value+ Cluster and would become a wholly owned subsidiary of FoneWorx, while FoneWorx would undergo a name change to\u00a0Value+Network.<\/p>\n
For the financial year ended June 2012 FoneWorx generated turnover of R98.6 million, ebitda of R33.1 million and\u00a0cash on hand approaching R100 million.<\/p>\n
Based on the most recent audited financials and management accounts for V+, the group generated consolidated annual turnover of R154.4million.<\/p>\n
Foneworx said in a statement on SENS:<\/p>\n
\u201cCertain aspects of the Transaction Agreement entered into between FoneWorx and the vendors\u00a0of Value+ Nettwork Proprietary Limited are in the process of being renegotiated and shareholders\u00a0should therefore continue to exercise caution when dealing in FoneWorx\u00b4 securities until a further\u00a0announcement is made.”<\/p><\/blockquote>\n
More on Foneworx<\/h3>\n
FoneWorx in Value+ acquisition<\/strong><\/a><\/p>\n
FoneWorx completes Kirsh Family deal<\/strong><\/a><\/p>\n
FoneWorx investors approve Kirsh Family deal<\/a><\/strong><\/p>\n
FoneWorx to change direction<\/a><\/strong><\/p>\n