Etion finalises Etion Connect disposal, progresses further disposals
JSE-listed Etion is progressing the disposals of subsidiaries Etion Connect, Etion Create and Parsec Properties.
The sale of Etion Connect to Etion Telecommunications, for R71.5-million, has been successfully concluded after all the conditions precedent were met.
In June, the parties entered into an agreement to sell Etion Connect, comprising all the assets, all the liabilities and transfer of all employees to Etion Telecommunications.
Meanwhile, the sale of Etion Create to Reunert Applied Electronics has secured Competition Commission approval.
The disposal is now subject to shareholder approval at the general meeting of shareholders on September 21, following which, the company expects to receive the proceeds during October.
Further, Etion has successfully sold its shares in wholly owned subsidiary Parsec Properties, which owns the Etion Create building at 76 Regency avenue.
In August, Etion received net proceeds of R6.91-million, representing the amount by which the market value of the Parsec Properties building exceeded the total Nedbank property loan liability, which was assumed by the purchaser as part of the Parsec disposal.
In addition, Parsec Properties was able to declare and pay a dividend amounting to R1.5-million to the group, bringing the total equity realised through the Parsec disposal to R8.41 million.
The company has also reached an agreement with the owners of its head office building, at 85 Regency avenue, to exit the lease agreement which expires in October 2027.
Etion paid a once off exit fee of R12-million, excluding VAT, in August, and will pay the monthly rental for the months up until October as full and final settlement of the company’s remaining lease obligations.
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