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Sponsor's Message
11 September 2001
JSE agrees to lift Brainware suspension
BY
STAFF REPORTER
[
11 September 2001
] -
Brainware will resume trade on the JSE later this month after shareholders gave their approval to the company to transfer to the cash companies sector of the bourse.
Brainware also received the bourse's approval to resume trade on the JSE by 26 September as a cash company.
The company's last remaining asset, its Gauteng property, will be sold for R3.6 million to Murray and Roberts, leaving Brainware free to transfer to the new sector.
However, the lifting of its share suspension on the JSE on the announced date is dependant on the property transfer being effected before such time. The board advised shareholders that should this not happen, they would be informed of a new day on which they could begin swapping their shares, which were suspended at 2c.
Brainware's intention to re-purchase and cancel 190.7 million ordinary shares as soon as the suspension is lifted was also approved.
Management also drew attention to the company's net tangible asset value per share rising from 1.16c to 1.28c should it manage to collect certain of the debt which it had previously announced was doubtful.
Related stories:
Brainware eyes JSE return
Brainware also received the bourse's approval to resume trade on the JSE by 26 September as a cash company.
The company's last remaining asset, its Gauteng property, will be sold for R3.6 million to Murray and Roberts, leaving Brainware free to transfer to the new sector.
However, the lifting of its share suspension on the JSE on the announced date is dependant on the property transfer being effected before such time. The board advised shareholders that should this not happen, they would be informed of a new day on which they could begin swapping their shares, which were suspended at 2c.
Brainware's intention to re-purchase and cancel 190.7 million ordinary shares as soon as the suspension is lifted was also approved.
Management also drew attention to the company's net tangible asset value per share rising from 1.16c to 1.28c should it manage to collect certain of the debt which it had previously announced was doubtful.
Related stories:
Brainware eyes JSE return
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