RPC Data, the information and Technology Company has delisted from Botswana Stock Exchange (BSE), after shareholders approved sale of the company to top management at a recent meeting, BG Business has learnt.
The decision means management, which include Managing Director Robert Pool, are now 100 percent owners of the multi-million Pula Company. The management made an offer to buy out the company more than six months ago.
In addition to Pool, other members of the consortium include Davison Charamba, Shejon Nambiath Ramantukutty and Komal Venkat Rao. The RPC buyout, which came in the form of a Scheme Consideration, was estimated at P20, 6 million.
Furthermore, the deal included management Offer and Buy Back Offer. BSE, where the company was listed has already stopped the company’s share trading effective 29 November 2013. RPC has been listed at the local bourse since 1999. The company-which developed the government’s accounting and budgeting system has been failing to make profit in recent years.
RPC, which also has subsidiaries has also approved sale of its head office in Commerce Park. RPC has also announced Grant Thornton Business Services Limited has ceased to be their transfer secretaries. Shareholders have been advised to contact BDO for any matter relating to their share certificates.