ConvergeNet Holdings Limited (JSE:CVN) agreed to acquire an additional 30.32% stake in Mine Restoration Investments Limited (JSE:MRI) from Afrasia Special Opportunities Fund and Titan Share Dealers Proprietary Limited for ZAR 21.5 million in stock on September 5, 2014. The purchase consideration will be settled by ConvergeNet by way of the issue of 12.6 million new ordinary shares such that ConvergeNet will hold, in addition to its existing interest of 4.18%, 34.50% of the total issued ordinary shares of MRI. The acquisition is subject to MRI having published its annual report for the financial year ending June 30, 2014 by no later than September 30, 2014 and the approval by the Boards of Directors of ConvergeNet and Afrasia Special Opportunities Fund on or before November 30, 2014.

As on October 10, 2014, TRP has granted an extension of the Circular posting date to December 12, 2014. The date for the fulfilment of the conditions precedent have been extended to March 31, 2015. AfrAsia Corporate Finance Proprietary Limited acted as financial advisor and Cliffe Dekker Hofmeyr Inc acted as legal advisor to ConvergeNet.

BDO Corporate Finance Proprietary Limited acted as financial advisor for ConvergeNet Holdings Limited. As of January 16, 2015 ConvergeNet Holdings Limited approved the transaction.