Horizon Investments And Financial Services (Pty) Ltd. made a cash offer to acquire 15.4% stake in Muvoni Technology Group Limited (JSE:MTG) from Coronation Fund Managers Limited (JSE:CML), CJ Viljoen, WI RautenBach and other shareholders for ZAR 6.2 million on April 15, 2013. The transaction involves acquisition of 31.2 million shares of Muvoni. The deal will be implemented by way of a scheme of arrangement. The funding for the transaction will be done by Horizon Investments. Other shareholders of Muvoni are parties acting in concert. Horizon has obtained irrevocable undertakings from Coronation Fund Managers, CJ Viljoen and WI RautenBach to vote in favour of the transaction and all related resolutions. This is based on the condition that a fair and reasonable opinion is obtained from an independent expert appointed by the independent Board of Muvoni. Post completion, Muvoni will get delisted.

The transaction is subject to approval by the South African competition authorities. The transaction is also subject to approval by the eligible directors of Muvoni who are also direct or indirect shareholders. Also, an approval by the Muvoni shareholders is required by convening a shareholder meeting, the transaction completion requires approval by the court unconditionally and securing of any third party consents by Muvoni arising from contractual obligations. The transaction is subject to binding written acknowledgement by the excluded shareholders Muvoni Investment Holdings (Pty) Ltd., Vhonani Mufamadi and ZNG Technologies AG that they will support the Horizon offer process so as to enable regulatory compliance and the implementation of the transaction. Also, no dividend will be declared or paid and no other distribution of any kind will be made to Muvoni`s shareholders. Without prior consent of Horizon neither Muvoni nor any of its subsidiaries can dispose of any of its assets, initiate a buy-back of any of its shares, approval of the Financial Surveillance Department of the South African Reserve Bank or its authorized agents, enter into any agreements or incur any liabilities or obligations outside the ordinary and normal course of business. A 50% vote in favor of a resolution to de-list is required from shareholders other than the excluded shareholders voting in a Muvoni shareholder meeting.

The Board of Muvoni approved the deal. The 99.76% shareholders of Muvoni voted in favor of the deal, as a result, should the deal be successfully completed, Muvoni's listing will be terminated on July 30. PSG Capital acted as financial advisor, ENS acted as legal advisor and DEA-RU acted as corporate advisor to Muvoni. BDO South African Advisory Services (Pty) Ltd acted as accountant, DEA-RU (Pty) Limited, Huntrex 299 Proprietary Limited and PSG Capital (Pty) Limited acted as financial advisors and Computershare Investor Services (Proprietary) Limited acted as registrar for Muvoni Technology Group Limited.

Horizon Investments And Financial Services (Pty) Ltd. completed the acquisition of 15.4% stake in Muvoni Technology Group Limited (JSE:MTG) from Coronation Fund Managers Limited (JSE:CML), CJ Viljoen, WI RautenBach and other shareholders on August 14, 2013.