Bidvest (which already owns 32% of the issued share capital of Voltex) will submit a proposal to the other shareholders of Voltex to acquire all of their Voltex shares resulting in Voltex becoming a wholly-owned subsidiary of Bidvest. The consideration for each Voltex share will be a cash payment of 340 cents less any cash distribution to Voltex shareholders made after 1 Oct 01 (the effective date) but before the consideration is paid. It is anticipated that a cash distribution of 100 cents per Voltex share will be made to Voltex shareholders by way of a reduction of share premium on or about 31 Dec 01.
There is little justification for the continued listing of Voltex because of the negative sentiment towards small market capitalisation companies on the JSE and the lack of liquidity in Voltex shares due to approximately 60% of such shares being held by a voting pool comprising Power Technologies Ltd, Allied Electronics Corporation Ltd and Bidvest. The board of Voltex will appoint an independent party to advise the minorities on the proposal. The proposal is subject to the fulfilment of certain conditions precedent. The Voltex electrical wholesaling distribution operations fall within the scope of Bidvest's operations in services, trading and distribution. Voltex will form part of Bidvest's Commercial Products Division.
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