Investment group Zarclear is no longer set to delist from the JSE and A2X, saying on Wednesday a recent buyout offer undervalued the group.

Financial services firm Legae Peresec Capital had made an offer of R4.40 per Zarclear share, valuing the group at about R994m, which an independent expert determined was below the bottom end of its fair-value range.

“Given that the board has been unable to procure an offer and that the company itself is not able to make an offer to shareholders at a price that the independent expert has confirmed as being fair, the board is not in a position to proceed with the proposed delisting,” the group said.

“While Legae Peresec Capital has confirmed that it is still willing to make an offer to acquire Zarclear shares at R4.40 per share, it is not prepared to increase the proposed offer consideration,” the statement read.

In afternoon trade on Wednesday, Zarclear’s share was up 0.99% to R4.10, giving it a market capitalisation of R927m.


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