Infowave name change
South African IT company Infowave said on Wednesday that it is proposing to change it's name to AdaptIT
Holdings Limited, after it acquired the remaining interest in the company.
An agreement in November last year saw Infowave acquire a 100% equity interest in Microzone, which held a 67% interest in Adapt-IT.
On its website, it said that the transaction was worth approximately R11.7m.
Adding the 67% acquisition to the 33% interest it already had in Adapt- IT, the transaction resulted in the company having a 100% interest.
It also said on its website that it has merged with its black-owned and managed associate Adapt-IT, and that it would change its name to AdaptIT Holdings Ltd, subject to shareholder approval. This was confirmed by a statement issued on SENS on Wednesday.
New appointments
The group also had it posted on the web that Adapt-IT Managing Director, Sbu Shabalala, had now been appointed group CEO, while Tiffany Dunsdon, the previous CEO of Infowave Holdings, would become the Commercial Director of the group.
"The name change symbolises the group's positioning in the IT industry to take advantage of the broader opportunities in the market," it said on SENS.
According to the statement, Infowave will hold a general meeting at 10:00 on January 31 and will publish the results of the meeting on February 1.
It also said that the expected date of registration of the special resolution changing the name of Infowave to "AdaptIT Holdings Limited" would be February 14.
The last day that the company will trade under the name Infowave on the JSE will be the last day of February, and it plans to trade under the new name with the share code ADI on Monday March 3.
The company did note that shareholders would not be able to dematerialise or rematerialise securities in the name of Infowave after Friday, 29 February 2008 and may only dematerialise their new AdaptIT Holdings Limited shares from Monday, March 10.
It said that the certified Infowave shareholders who surrender their existing documents of title after 12:00 on the record date, would have their new share certificates mailed within five business days of receipt thereof by the transfer secretaries, by registered post in SA, at the risk of the shareholders concerned.
Loading ...