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Why Altron could unbundle Netstar next
Altron CEO Mteto Nyati
Fresh from thesuccessful listing of its former subsidiary, Bytes Technology Group, in the UK, could Altron look at an unbundling of Netstar next as it seeks to unlock further value for shareholders?
Bytes was listed on the main board of the London Stock Exchange on Thursday with a secondary listing on the JSE. Altron said more than R7-billion in shareholder value was realised through the Bytes demerger.
Now, with Altron confirming in a statement that it is considering further options to unlock shareholder value, the attention of its board and management team may turn next to Netstar, its vehicle tracking and recovery business, whose competitors including Cartrack and Mix Telematics are worth more than the entire Altron group.
Posted on December 14, 2020 by Nick Farrell - News
Software and cloud out Bytes IPO is oversubscribed after the outfit revealed its offer price last week.
The channel player has started conditional trading with pricing of shares on the London Stock Exchange under the ticker “BYIT” at 270 pence each, valuing the business at approximately £646.6 million.
The offer from Bytes comprises 54.5% of the company’s issued share capital and it will raise total gross proceeds of approximately £352.4 million.
Those who applied for shares in advance will be able to purchase those today but the rest of the market will have to wait until 17 December before they go on to the main listed securities of the LSE and the Main Board of the Johannesburg Stock Exchange.