Altron successfully completes demerger, separate listing of Bytes
JSE-listed Allied Electronics Corporation (Altron) has completed the demerger of its Bytes Technology Group subsidiary, following the listing of Bytes on the LSE and the JSE.
As a result of the demerger of Bytes, Altron shareholders will receive, after tax and transaction costs, about £542-million or about R10.9-billion in the form of Bytes ordinary shares and cash.
If this is combined with Altron’s current market capitalisation, excluding Bytes, of about R3.9-billion, Altron shareholders hold about R14.8-billion of value in Altron shares, Bytes shares and cash.
Prior to Altron announcing the demerger on April 2, this year, Altron’s market capitalisation had been about R7.3-billion.
Through the demerger, Altron has demonstrated its ability to create significant value for shareholders with the execution of this highly complex transaction. Mike Leeming, chairman of the Altron Board, says
With the demerger now complete, Altron will continue to focus on its remaining businesses (Altron 2.0) and drive the growth strategy it has communicated to the market. Altron 2.0 is a R7-billion revenue business with a strong balance sheet and exciting prospects as it continues to leverage the growing need for digital transformation and data.
“With our purpose of delivering innovation that matters and a set of highly differentiated technology solutions, including telematics, health and financial services platforms, cloud services, data analytics, artificial intelligence and various security offerings, we look forward to delivering strong earnings growth over the next five years.
"In addition, we will continue to look for opportunities to further unlock value for our shareholders," Altron CEO Mteto Nyati says.
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