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Cape Town - Decillion, the cash shell controlled by Numsa Investment Company (NIC), has buried proposals to create a new financial service group by reverse listing specialised assets - including Doves Funeral Services - onto the JSE.
According to comments accompanying the release of belated interim results on Wednesday, the boards of Decillion and NIC resolved that it was "no longer in the interest of NIC to continue with the reverse listing process".
No further detail was provided, but Fin24.com presumes the current state of the investment markets may have prompted NIC's decision not to proceed with a reverse listing transaction.
Assets initially lined up for listing included NIC's 100% stake of Doves Group, the well-known funeral home, and NIC's 50% stake in Union Life, a funeral insurance specialist managed by Metropolitan Life.
The proposed reverse listing transaction was due for completion during the first half of this year.
Decillion is now negotiating with a third (undisclosed) party) for the takeover of NIC's loans, claims and obligations in the listed shell.
Decillion directors said it was the intention of the third party to utilise Decillion for an "alternative" reverse listing transaction.
- Fin24.com