Nimbus/Paratus deal on track

CPC releases first results

29 May 2018 | Sakenuus
Jo-Maré Duddy – Nimbus Infrastructure Ltd, the first capital pool company (CPC) listed on the Namibian Stock Exchange (NSX), says it anticipates that all conditions precedent for a share swap transaction, which see its shareholding in Paratus Telecommunications (Pty) Ltd increase to 51.4%, will be finalised by 1 June.

“Nimbus will proceed to close the share swap transaction without delay” thereafter, the company, which listed on the Local Index in October last year, said in an announcement on the NSX on Thursday. Nimbus is a CPC jointly managed by Paratus Telecom and Cirrus Capital with the objective of pursuing investments in the information communication and technology (ICT) sector in Sub-Saharan Africa.

Nimbus also released its reviewed provisional condensed financial results for the eight months ended 28 February 2018 on Thursday. For the period under review, the company reported an operating profit of N$584 267 and total comprehensive income of N$713 972.

Both basic earnings per share (EPS) and headline earnings per share (HEPS) of 10.99c were recorded. Nimbus’ net asset value per share was 987.59c.

The company’s assets totalled about N$102.4 million, comprising of its investment of about N$98.6 million in Paratus. Nimbus currently has an interest of 26.5% in the company. In addition, Nimbus had investments of nearly N$3.7 million in, among others, a money market fund, as well as N$102 214 in cash and cash equivalents.

Nimbus said the rationale behind the acquisition of the 26.5% interest in Paratus in January was to gain access to the diversified revenue streams and asset base of the company, which includes the Trans-Kalahari Fibre Line. It would also provide Nimbus with the opportunity to pursue further investments in countries where Paratus has presence, and would provide a solid foundation for further capital raisings to fund projects or acquisitions.

The investment enabled Nimbus to make an early transition from a CPC to main board listing on the NSX. “Management will commence with the application to the NSX following the closing of the share swap transaction,” Nimbus said.

Transaction

According to Nimbus, the Communications Regulatory Authority of Namibia (Cran) has approved the share swap transaction with Paratus.

In terms of the transaction, Nimbus will acquire an additional 24.9% of the issued share capital in Paratus. This will consist of 8 815 ordinary shares held by Cuvelai Telecommunications (Pty) Ltd, representing 18.6% of the issued share capital of Paratus, as well as 3 000 ordinary shares held by Paratus CEO Bartholomeus (Barney) Harmse, representing a holding of 6.3% of the issued share capital of Paratus.

The purchase consideration shall consist of the issue of 8 495 400 new ordinary shares in Nimbus. Shares will be issued at a par value of N$0.01 each and a premium of N$10.49, amounting to a total issue price of N$10.50 per ordinary share, with an aggregate value of N$89 201 697.

Following the above share issue, the total number of shares outstanding and listed on the NSX will be 18 858 807, Nimbus said.

According to the company, the rights issue process will enable it to make further investments into the ICT sector in Sub-Saharan Africa.

“Nimbus is currently investigating the merits of an investment into data centres in both Namibia and Zambia, as well as an investment in a company planning a phased last-mile fibre roll-out in Windhoek. The project will provide fibre to the home and fibre to the business on an open access basis. This entails that any internet service provider will be able to on-sell services to end-users,” the company said in its financial results.

Nimbus closed at N$11 per share on the NSX on Friday.

Soortgelyk

 

Hoërskool Rehoboth gesluit tot ná Paasnaweek

1 uur gelede | Onderwys

Hoërskool Rehoboth is vanaf vandag tot Dinsdag 6 April gesluit. Volgens die bestuur van die skool sal dié tyd gebruik word om die skoolperseel deeglik...

Robberts bly in aanhouding

12 ure gelede | Howe

Erwin Leuschner – Die 36-jarige mnr. Daniel (Danie) Robberts bly in aanhouding nadat hy na bewering sy vriend, mnr. Thomas Frederick (Frikkie) van Schalkwyk (69),...

Inentings: Namibiërs wag en kyk

12 ure gelede | Gesondheid

Henriette Lamprecht – ’n Wag-en-kyk-benadering en voorkeur vir spesifieke entstowwe is van die redes vir die trae reaksie tot die ministerie van gesondheid en maatskaplike...

Living a purposeful life

12 ure gelede | Mense

Rivaldo Kavanga“I would advise the youth to relentlessly go after whatever they desire unlimited. In pursuit of long-term gains and not short term rather.” Ndakondja...

Weer vir 30 Maart 2021

12 ure gelede | Weer

BINNELAND: Gedeeltelik bewolk en warm in die verre suide en die Zambezi-streek. Elders gedeeltelik bewolk en warm met verspreide donderbuie. Wyd verspreide donderbuie in die...

Huishoudelike geweld gedy in Kavango-Wes

12 ure gelede | Misdaad

Die naweek is drie sake van huishoudelike geweld in die Kavango-Wesstreek by die polisie aanhangig gemaak. Vrydag om 05:00 het ’n 36-jarige man in die...

Running for those who can’t

12 ure gelede | Skole

In honour of cerebral palsy awareness month and as part of a school project, four learners from Windhoek Afrikaanse Privaatskool ran with children, parents and...

Windhoek kry eie ekonomiese plan

12 ure gelede | Regering

Augetto Graig – Die burgemeester van Windhoek, dr. Job Amupanda, sê die regering moenie terugstaan sodat die private sektor die nasie tot werkskepping en ekonomiese...

Ending the double shift system at schools

12 ure gelede | Onderwys

Rivaldo KavangaBet-el Primary School on Friday, 26 March 2021 received three classroom blocks and a storeroom from The Craton Foundation. The classrooms were donated to...