PARACON HOLDINGS LIMITED
Paracon Holdings Limited (Paracon), a leading provider of IT services and
solutions, today said that agreement has been reached between Paracon
management and Paracon's two major shareholders LogicalOptions and Dimension
Data I-commerce (Pty) Ltd, in terms of the restrictions placed on the
unbundling of LogicalOptions' 41.3% stake in Paracon.
This follows LogicalOptions AGM this morning, where shareholders voted in
favour of the disposing all the assets and liabilities of LogicalOptions,
excluding its 41.3% stake in Paracon. Cardinalis Investments, a company
controlled by funds under the management of Brait Private Equity, will purchase
the assets and liabilities of LogicalOptions, with the exception of its stake
in Paracon.
In terms of the agreement, restrictions placed on LogicalOptions regarding its
Paracon shares have been removed, subject to the disposal becoming
unconditional and LogicalOptions unbundling its entire shareholding in Paracon.
Commenting on the agreement and the proposed disposal Paracon CEO Mark Jurgens
said: "We have for some time been struggling with a very illiquid share and an
unbundling will help to improve the liquidity of our Paracon shares. We are
well positioned for future growth and are confident that we will continue to
create shareholder value in the years to come."
Discussions between all parties will continue and Paracon will inform
shareholders of any further developments.
*LogicalOptions has a 41.3% stake and Dimension Data a 25% stake in Paracon.
Paracon management has a 21% stake.
-ends-
Issued by:
Brunswick SA (011) 442 8803
Enquiries:
Mark Jurgens, CEO Paracon (011) 482 3646
083 251 2412
Mireille Levenstein, FD Paracon 083 274 2182
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