A technology solutions provider announces its move from the AltX to the JSE main board, simplifying share issuance and repurchase procedures. The company will now be able to issue shares for cash without shareholder approval, up to 10% of its issued share capital annually. Furthermore, general and specific repurchase authorities will no longer require shareholder approval, subject to certain limitations.
The company announced that its listing will be moved from the AltX to the general segment of the JSE main board, effective January 29, 2025. This transition, disclosed to investors on Friday via a statement issued through the stock exchange news service, will grant the company the ability to apply for an automatic annual rolling general authority to issue shares for cash without shareholder approval. This authority would cover up to 10% of its issued share capital.
The company emphasized that existing shareholder-approved authorities granted at its 2024 AGM will remain valid until the next AGM. Furthermore, the company highlighted several advantages associated with its reclassification to the general segment. Notably, shareholder approval will no longer be required for general repurchase authorities. Specific repurchase authorities, subject to limitations such as excluding related parties and not exceeding 20% of issued share capital in a single financial year, will also bypass the shareholder approval process. Additionally, fairness opinions will no longer be mandatory for related-party corporate actions and transactions. The company intends to prioritize governance arrangements, transparency, and the exclusion of related parties and associates from voting in these matters.The company, known for providing technology solutions and services with a particular emphasis on artificial intelligence tools, has experienced a relatively stable share price over the past year. However, its share value has demonstrated substantial growth over a three-year period, exceeding 200%
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