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Could Altron look at unbundling Netstar?
Altron CEO says it’s ‘interesting’ that separately-listed Bytes, has a market value higher than Altronâs.
By Duncan McLeod
18 Dec 2020 10:34
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Image: Moneyweb
Fresh from the successful listing of its former subsidiary, Bytes Technology Group, in the UK, could Altron look at an unbundling of Netstar next as it seeks to unlock further value for shareholders?
Bytes was listed on the main board of the London Stock Exchange on Thursday with a secondary listing on the JSE. Altron said more than R7-billion in shareholder value was realised through the Bytes demerger.
Altron jumps 5% on JSE after completion of Bytes demerger
By Sandile Mchunu
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DURBAN - Allied Electronics Corporation (Altron) share price rose by more than 5 percent on the JSE on Thursday after the information technology group announced that it has completed the demerger and listing of Bytes Technology Group plc (Bytes).
Bytes has a primary listing on the London Stock Exchange and a secondary listing on the JSE and it achieved a price of £2.70 per Bytes ordinary share on listing, with a market capitalisation of approximately £647 million (R13 billion).
Altron said in April that the rationale behind the demerger was that Bytes’ value was not reflected in Altron’s share price and its growth path was different from the rest of the group.
DIRECTOR DEALINGS: Bytes Technology CEO, CFO And Chair Purchase Shares
Fri, 18th Dec 2020 14:29
Bytes Technology Group PLC - Surrey-based IT services provider - On Thursday, Chief Executive Officer Neil Murphy buys 4.2 million shares at a price of GBP2.70 each, totalling GBP11.3 million.
Chief Financial Officer Keith Richardson purchases same amount of shares for the same price as CEO Murphy. Chair Patrick de Smedt buys 92,593 shares at GBP2.70 per share, totalling GBP250,001.
Non-Executive Director Mike Philips purchases 74,074 shares for total of GBP200,000. Non-Executive Director David Maw purchases 14,815 shares for a total of GBP40,001.
Finally, Non-Executive Director Alison Vincent buys 3,074 shares for same price per share, totalling GBP10,001.
JSE-listed Altron completes Bytes demerger, R10.9b windfall for shareholders
17 December 2020 7:01 PM
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Altron shareholders will get billions in the form of Bytes ordinary shares and cash. Bruce Whitfield interviews CEO Mteto Nyati.
The JSE-listed company is headquartered in South Africa. Bytes has been admitted. to unconditional trading on the Main Market of the London Stock Exchange, and the Main Board of the Johannesburg Stock Exchange by way of a secondary inward listing.
The move has created a windfall for Altron shareholders.
As a result of the demerger of Bytes, Altron shareholders will receive, after tax and transaction costs, a consideration of approximately GBP542m (c.R10.9 billion) in the form of Bytes ordinary shares and cash.
Bytes demerger created R7-billion in shareholder value: Altron moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.