{"id":39882,"date":"2013-06-13T00:10:42","date_gmt":"2013-06-12T22:10:42","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=39882"},"modified":"2013-06-13T08:32:00","modified_gmt":"2013-06-13T06:32:00","slug":"altech-delisting-expected-in-july","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/it-services\/39882\/altech-delisting-expected-in-july\/","title":{"rendered":"Altech delisting expected in July"},"content":{"rendered":"<p>JSE-listed Allied Electronics Corp (<a title=\"Altron\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/2457-Altron\">Altron<\/a>) says it\u00a0anticipate delisting Allied Technologies (<a title=\"Altech\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/1725-Altech\">Altech<\/a>)\u00a0at the end of July 2013.<\/p>\n<p>Altron made an offer through its wholly-owned\u00a0subsidiary, Altron Finance Proprietary Limited, to acquire the entire issued ordinary\u00a0share capital of Altech in May.<\/p>\n<p>The move has been widely expected by the market following a poor run of results from Altech.<\/p>\n<p>Altron will pay R47.50 in cash for every Altech Share. It already\u00a0owns a 62% stake in Altech.<\/p>\n<p>The aim of the transaction is to\u00a0create a single listed point of entry into the Altron Group, and simplify the corporate and operating structure.<\/p>\n<p>Following implementation of the scheme, application will be made to the JSE to terminate<br \/>\nthe listing of Altech Shares on the JSE.<\/p>\n<p>&#8220;We are currently busy finalising the circular and are expecting to post it to the shareholders within the next week or so,&#8221; said\u00a0<a title=\"Michelle Doyle\" href=\"http:\/\/businesstech.co.za\/forum\/showthread.php\/8909-Michelle-Doyle\">Michelle Doyle<\/a>, group executive of corporate communications at Altron.<\/p>\n<p>&#8220;Following that, the scheme meeting will take place mid-July where the Altech minority shareholders will vote on the transaction. If the transaction is successful we anticipate delisting Altech at the end of July 2013,&#8221;\u00a0Doyle added.<\/p>\n<p>According to Altron, the Altech brand will remain in place, while management structures have as yet not been\u00a0finalised.<\/p>\n<p>At close of play on the JSE on Wednesday (12 June) shares in Altech traded at R45.30, giving the group a market cap of R4.81 billion.<\/p>\n<h3 class=\"my-4\">More on Altron and Altech<\/h3>\n<p><a title=\"Altron to take full control of Altech\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/38069\/altron-to-take-full-control-of-altech\/\"><strong>Altron to take full control of Altech<\/strong><\/a><\/p>\n<p><a title=\"Altech shares yo-yo ahead of Altron results\" href=\"http:\/\/businesstech.co.za\/news\/general\/37312\/altech-shares-yo-yo-ahead-of-altron-results\/\"><strong>Altech shares yo-yo ahead of Altron results<\/strong><\/a><\/p>\n<p><a title=\"Altron trims dividend payout\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/37378\/altron-trims-dividend-payout\/\"><strong>Altron trims dividend payout<\/strong><\/a><\/p>\n<p><a title=\"Altech looks east for new growth\" href=\"http:\/\/businesstech.co.za\/news\/it-services\/36637\/altech-looks-east-for-new-growth\/\"><strong>Altech looks east for new growth<\/strong><\/a><\/p>\n<p><strong><a title=\"Altech suffers heavy losses\" href=\"http:\/\/businesstech.co.za\/news\/general\/36547\/altech-suffers-heavy-losses\/\">Altech suffers heavy losses<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>JSE-listed Allied Electronics Corp says it anticipate delisting Allied Technologies at the end of July 2013.<\/p>\n","protected":false},"author":9,"featured_media":3569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[311,309,26,175],"class_list":["post-39882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-it-services","tag-altech","tag-altron","tag-headline","tag-jse"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39882","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\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=39882"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39882\/revisions"}],"predecessor-version":[{"id":39890,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/39882\/revisions\/39890"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/3569"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=39882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=39882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=39882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}