DiverseIT Buyback


Announced 06/1/09
7.00M for UCS Group Ltd.
Buyback

 

UCS Group Ltd. (JSE:UCS) announced a specific share repurchase plan on June 1, 2009. Under the plan, the company will repurchase up to 4,837,944 shares, at a price of ZAR 1.5 per share, at an aggregate cost of ZAR 7.26 million, from the management members of the DiverseIT group of companies.

The plan is still subject to shareholder approval at the company’s General Meeting on June 24, 2009. The shares will be repurchased as part of the company’s disposal of 51% of its stake in DiverseIT back to the management members of the DiverseIT group of companies.

As a result of the disposal, the company will receive its own 4,837,944 shares at a price of ZAR 1.5 per share, 241,897 Argility shares at ZAR 1.5 per share and ZAR 5 million in cash. KPMG Services (Proprietary) Limited acted as the Fairness Advisor for the transaction. As of August 12, 2009, the company has made no repurchase of own share.

Source: Business Week