JSE-listed Allied Electronics (Altron) is actively progressing the potential separation and listing of its UK subsidiary Bytes Technology on the main market of the London Stock Exchange with a secondary listing on the JSE.
The group on June 25 said it had appointed Numis Securities as the transaction’s sponsor, financial adviser and bookrunner in the UK.
This followed the appointment of Rand Merchant Bank as financial adviser and transaction sponsor in respect of the potential transaction in South Africa.
Altron withdrew its cautionary as all price sensitive information relating to the potential transaction has been communicated to the market.
Specific and precise details around the potential transaction will be announced during the fourth quarter of 2020.