JSE-listed logistics company Spectrum, which is listed on the
Alternative Exchange, has acquired Impson Freight, a
customs-clearing and forwarding logistics business with offices in
Durban, Cape Town, Johannesburg and Maritzburg.
In a note to the Johannesburg-based bourse on Friday, the company said that the acquisition, which is still subject to certain conditions, had acquired the total issued share capital of the company with effect from March 1.
It did this through a payment of 428,4-million shares, which are to be paid in tranches.
The first tranche of 218,4-million shares will be issued once all the conditions have been met. The balance will be paid out over 60 months, assuming that Impson achieves certain profit targets.
Spectrum entered into an arm's length agreement with Impson's individual shareholders to acquire all of the issued share capital in the company as well as any claims on shareholder loan accounts against Impson Freight.
The board of directors has approved a further 10-million shares to be issued to its share purchase and option-scheme trust in addition to the 51-million shares currently issued to the share incentive trust.
The acquisition is subject to approval from regulatory bodies, including the JSE and competition authorities.
Spectrum's takeover of Impson follows its restructuring in which it refocused its business, and intends transforming into a comprehensive international supply-chain logistics service provider using intelligent “end-to-end” logistics solutions, and in addition offer additional services through its five new subsidiaries.
These are Spectrum Shipping Nvocc - a non vessel owner common carrier; Spectrum Warehousing Solutions (SWS) - providing warehousing solutions to clients; e-OSCI Logistics - providing information technology solutions to clients; Supply Chain Insurance Brokers - providing marine and other insurance products to clients; and Supply Chain Financial Services - a financial services provider.
Its purchase of Impson is an attempt to “acquire and integrate capabilities and intellectual capital that will fast-track systematic innovation and the successful implementation thereof”, it said.
In addition, it hopes that the deal will aid the company in achieving critical mass.
It added that it will “be actively investigating other opportunities as they come along”, and reminded shareholders that it was still trading under cautionary.
In a note to the Johannesburg-based bourse on Friday, the company said that the acquisition, which is still subject to certain conditions, had acquired the total issued share capital of the company with effect from March 1.
It did this through a payment of 428,4-million shares, which are to be paid in tranches.
The first tranche of 218,4-million shares will be issued once all the conditions have been met. The balance will be paid out over 60 months, assuming that Impson achieves certain profit targets.
Spectrum entered into an arm's length agreement with Impson's individual shareholders to acquire all of the issued share capital in the company as well as any claims on shareholder loan accounts against Impson Freight.
The board of directors has approved a further 10-million shares to be issued to its share purchase and option-scheme trust in addition to the 51-million shares currently issued to the share incentive trust.
The acquisition is subject to approval from regulatory bodies, including the JSE and competition authorities.
Spectrum's takeover of Impson follows its restructuring in which it refocused its business, and intends transforming into a comprehensive international supply-chain logistics service provider using intelligent “end-to-end” logistics solutions, and in addition offer additional services through its five new subsidiaries.
These are Spectrum Shipping Nvocc - a non vessel owner common carrier; Spectrum Warehousing Solutions (SWS) - providing warehousing solutions to clients; e-OSCI Logistics - providing information technology solutions to clients; Supply Chain Insurance Brokers - providing marine and other insurance products to clients; and Supply Chain Financial Services - a financial services provider.
Its purchase of Impson is an attempt to “acquire and integrate capabilities and intellectual capital that will fast-track systematic innovation and the successful implementation thereof”, it said.
In addition, it hopes that the deal will aid the company in achieving critical mass.
It added that it will “be actively investigating other opportunities as they come along”, and reminded shareholders that it was still trading under cautionary.
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Edited by: Nicola Mawson
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