(Alliance News) - Bytes Technology Group PLC on Monday has confirmed its intent to list on the Main Market of the London Stock Exchange, along with a secondary listing on the Main Board of Johannesburg Stock Exchange.
Bytes Technology is the UK-based subsidiary of JSE-listed Allied Electronics Corp Ltd, and provides IT software, with a focus on cloud and security products.
On Monday last week, Altron said the first step in the demerger and IPO is Altron disposing of its shares in Bytes UK to newly formed entity Bytes Technology Holdco Ltd, and in return will receive convertible notes for the shares sold.
Based on the minimum offer price of GBP1.89 per share, Altron stands to receive a minimum of GBP416 million from the disposal of Bytes.
Numis Securities is acting a sole sponsor, financial adviser global co-ordinator and bookrunner.
Bytes expects admission to take place on December 17, and also to have a shareholder base comprising at least 36% hold by new investors. Following the IPO, Altron itself will not be a shareholder.
The final offer price will be determined following a bookbuilding process by Numis.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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