Johannesburg– IT solutions provider FoneWorx [JSE:FWX] announced on Wednesday that it had received approval from its shareholders to proceed with the proposed purchase of the IDC’s stake and the subsequent sale of those shares to a consortium of the Kirsh Family trusts.
The shares will be priced at R130.81 per share for both the purchase from the IDC and the sale to the Kirsh Family trusts.
FoneWorx CEO Mark Smith said: “We are pleased we have been able to replace IDC‚ which has been a supportive shareholder‚ with Issie and William Kirsh‚ to whom the company can look to unlock further value in FoneWorx and pursue a new growth strategy.”
FoneWorx shareholders have been advised to exercise caution in dealing in the company’s securities due to the ongoing negotiations between FoneWorx and the Kirsh family regarding the new strategic direction for the company.