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Listed technology company Cognition Holdings, which has the well-known Kirsh family as one of its shareholders, plans to acquire Caxton's 50.01% interest in digital property portal Private Property, in a deal worth more than its market capitalisation.
The R127m deal, which will see Cognition purchasing the stake from media group Caxton in exchange for 105.8-million new shares valued at R1.20 each, is part of Cognition's search for growth through the exploitation of opportunities in the digital economy. Cognition has a market cap of R124m at Monday’s share price of 90c.
Private Property sells property-related digital advertising services on an online platform which enables property shoppers to search and find property listings, as well as property-related services such as bond origination services, insurance services and legal services.
The sale of Private Property in exchange for shares will increase Caxton’s interest in Cognition from 34.7% to more than 70%. As a result of ...
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