Trans Hex proposes JSE delisting
JSE-listed Trans Hex announced on Friday a share buyback programme to purchase the issued share capital of shareholders at R1 apiece, which will effectively delist the company from the JSE.
This offer excludes the shares of Cream Magenta 140, Metcap 14 Proprietary and RAC Investment Holdings – the consortium.
The consortium holds 79.73% of the company’s issued share capital.
Trans Hex said the proposed transaction would enable it to function in an unlisted environment, thereby enabling it to save on the costs of operating in a regulated environment, particularly as the board believes the listing provides little benefit to the company at this stage of its operating cycle.
The company added that shareholders, other than the consortium, will be afforded an opportunity to realise their investment in Trans Hex at an attractive premium to the share price, as the offer price represents a premium of 108% to the 30-day volume weighted average price on the date preceding the announcement – which was 48c apiece.
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