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.<\/p>\n
Muvoni Technology specialises in services that include, amongst others,\u00a0criminal background checks, pre-employment screening, automated fingerprint identification systems\u00a0and\u00a0biometric solutions.<\/p>\n
The offer price is 20 cents per scheme share and is payable in cash.<\/p>\n
It represents a 55% premium to the 9 cents closing price of a Muvoni share on Friday (12 April 2013).<\/p>\n
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.<\/p>\n
\u201cThe intention is to convert Muvoni to a private company subsequent to the implementation of the de-listing,\u201d it said.<\/p>\n
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.<\/p>\n
In December Muvoni reported a healthy rise in operating profit from continuing operations\u00a0for the year ended August 2012, to R11 million, from R6.22 million before.<\/p>\n
The group was helped by sale of Ideco Biometric Security Solution at the end of 2011.<\/p>\n
Revenue from continuing operations improved to R106 million, from R99.69 million in 2011.<\/p>\n
Muvoni boosted by Ideco sale<\/strong><\/a><\/p>\n Muvoni and African Bank in ID fraud partnership<\/strong><\/a><\/p>\n Muvoni points to turnaround<\/strong><\/a><\/p>\n Muvoni acquires criminal checking software<\/strong><\/a><\/p>\n