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End of share-swap leaves 29% of Adapt IT investors still on the fence over Volaris offer...Read More

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Adapt IT shareholders yesterday voted overwhelmingly in favour of Canadian software group Volaris’s buyout offer. Yesterday, shareholders adopted all resolutions set out in Adapt IT’s notice of general meeting with regards to the Volaris cash offer of R7 per Adapt IT share, including delisting from the JSE following the implementation of the transaction, if required. Some 69.82% of Adapt IT shareholders, holding 95 834 979 shares, voted in a move that has now sealed the fate of the Huge Group bid. The two companies, Huge Group and Volaris, have been aggressively pushing Adapt IT shareholders to accept their respective offers. The Volaris offer accepted by majority shareholders yesterday was tabled last month after rival suitor Huge Group presented Adapt IT shareholders with a fresh offer of R9.09 per share from the initial R5.52. The offer price baiting followed recommendations by Nodus Capital, which Adapt IT appointed to evaluate the bid, that a fair price range for Adapt IT is R7...Read More

Michael Mncube CaseWare Africa CaseWare Africa, part of the Adapt IT, has launched a holistic, cloud-based tax return solution designed especially for trusts. Michael Mncube, Tax Product Manager at CaseWare Africa, says that the new software enables tax practitioners to handle all tax administrative matters relating to trusts in one application, including the preparation, calculation, and submission of IRP6 and ITR12T tax returns directly to SARS. “Administering trusts is complex and the tax authorities are especially rigorous in their oversight of trusts, thus further raising the stakes for administrators. Trust Tax provides practitioners with a single application that makes it possible to keep track of all trustees and beneficiaries, as well as managing all trust administration and tax-related matters,” he says. “In the age of remote work, practitioners are enabled with greater flexibility as Trust Tax is offered via CaseWare Cloud, which means it is available from any location, on...Read More

Canadian software group Volaris has increased its cash offer for Adapt IT in response to rival suitor Huge Group’s bid. The company announced a new, improved offer of R7.00 per Adapt IT share, up from the previous R6.50. It says this represents a premium of 68% to the closing price of Adapt IT shares of R4.16 on 1 April 2021, being the last trading date prior to the date on which Volaris and Adapt IT entered into the Volaris offer agreement. The Volaris offer came a week after Huge Group presented Adapt IT shareholders with a fresh offer of R9.09 per share from the initial R5.52. The latest development comes after Nodus Capital, which Adapt IT appointed to evaluate the bid, concluded that a fair price range for Adapt IT is R7.00 to R9.09 per Adapt IT share. Huge Group responded first with a measurable offer of R9.09 per share, but on Friday, Volaris also tabled its improved offer. “The Volaris offer presents an opportunity for Adapt IT shareholders to realise their investment for a...Read More