{"id":38746,"date":"2013-05-27T15:10:34","date_gmt":"2013-05-27T13:10:34","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=38746"},"modified":"2013-05-28T08:48:34","modified_gmt":"2013-05-28T06:48:34","slug":"new-twist-in-foneworx-saga","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/telecommunications\/38746\/new-twist-in-foneworx-saga\/","title":{"rendered":"New twist in FoneWorx saga"},"content":{"rendered":"

Alt-X listed telecoms and IT solutions provider, FoneWorx<\/a> has on Monday (27 May) advised that its proposed transaction with Value+,\u00a0a group founded by\u00a0William Kirsh<\/a>, has been terminated by mutual consent.<\/p>\n

Foneworx added that all disputes between the company, Value+ and The Isaac and William Kirsh Family Trusts have been resolved.<\/p>\n

In December 2012, Value+ Nettwork (V+)\u00a0and FoneWorx announced an intention to merge.<\/p>\n

FoneWorx said it would purchase the business of Value+ for\u00a0R191.18 million, payable in FoneWorx shares priced at R2.11 per share.<\/p>\n

The Kirsh family own approximately 75% of V+ and 32.7% of FoneWorx, being the respective companies\u2019 largest shareholders.<\/p>\n

However, in April the Kirsh family pointed to the poor state of corporate governance at FoneWorx, and requested an extraordinary general meeting (EGM) to remove and replace the non-executive members of the board.<\/p>\n

The family said it would look to retain the executive directors at FoneWorx\u00a0to implement a proposed merger between the two entities.<\/p>\n

FoneWorx hit back claiming that the tactic and strategy adopted by William Kirsh had been to apply a bullying approach aimed at control and creating a board that effectively \u201crubber stamps\u201d his wishes.<\/p>\n

\u201cHis tactics, emotional outbursts and divisive approach have only resulted in alienating the FoneWorx management team. A strategy to force two parties together under these circumstances can only result in destroying value,\u201d the group said.<\/p>\n

On Monday (27 May), FoneWorx said that the Kirsh Family’s stake in the company comprising of 44.5 million shares of its issued share capital (32.7% of the Company) has been acquired by Caxton and CTP Printers & Publishers with effect from 30 May 2013.<\/p>\n

The purchase price of R102.5 million is based on a per share price of FoneWorx of R2.30 per share.<\/p>\n

Caxton is involved in publishing a number of regional community newspapers, The Citizen daily newspaper and 13 major magazines, as well as commercial printing, packaging, stationery manufacture and book printing.<\/p>\n

More on FoneWorx<\/h3>\n

FoneWorx board hits back at Kirsh Family<\/strong><\/a><\/p>\n

FoneWorx court battle looms<\/strong><\/a><\/p>\n

FoneWorks sees revenue slip<\/strong><\/a><\/p>\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

FoneWorx reports 14% rise in H1 revenue<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

FoneWorx says that its proposed transaction with Value+ has been terminated by mutual consent.<\/p>\n","protected":false},"author":10,"featured_media":35200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[1603,26,3752,5075],"class_list":["post-38746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-telecommunications","tag-caxton","tag-headline","tag-kirsh-family","tag-value"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/38746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=38746"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/38746\/revisions"}],"predecessor-version":[{"id":38749,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/38746\/revisions\/38749"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/35200"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=38746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=38746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=38746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}