Accentuate sets delisting date


Accentuate sets delisting date

Published Date: 2021-01-11 | Source: Stephen Gunnion | Author: Stephen Gunnion

Accentuate sets delisting date

The infrastructure supplies group has been taken over by shareholder Pruta Securities.

Accéntuate will delist from the JSE's AltX on the 26th of the month after shareholders voted in favour of a scheme of arrangement at a general meeting a fortnight ago. In an announcement on Friday, it said the scheme had become effective with no court applications made against it.

In October, the infrastructure supplies group said it received a binding offer from shareholder Pruta Securities to acquire new shares in the company on condition that it ultimately took control and delisted its shares from the JSE. It subsequently proposed a scheme of arrangement to buy out minority shareholders at 10c a share, the highest price paid by Pruta for its shares over the six-months preceding the offer.

Accéntuate owns a group of companies involved in the water treatment, chemical blending, industrial and commercial cleaning, flooring and metal treatment sectors. Covid-19 has added to an already difficult environment for the group due to the lack of any real economic growth in the local economy and government spending on infrastructure at its lowest in recent history. Trading for the year to end-June was impacted negatively by low demand for its products and services and limited operation under the different levels of the Covid-19 lockdown. However, it said it managed to maintain market share and positive margins despite lower production values. Initiatives to reduce costs also helped it maintain operations under difficult operating conditions.

Revenue for the year to end-June fell 30% to R200 million from R285 million last year - which also included an additional R67.7 million in turnover from the Environmental Solutions operations that it sold. Its operating loss widened by 31% to R29.9 million, impacted by once-off restructuring costs, while its basic loss per share narrowed by 70% to 5.21c and its headline loss per share was marginally smaller at 15.15c.

Its shares didn't trade on Friday, closing unchanged at 8c.

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