Huge Group, whose bid for Adapt IT is in grave doubt following a rival, all-cash offer from Volaris Group, has accused Adapt IT management of “looking after themselves and not their shareholders”.
Browsing: Sbu Shabalala
Software services group Adapt IT will return to its strategy of acquisitive growth in its next financial year after it addressed investor concerns about the debt load on its balance sheet.
Adapt IT, the software services company that’s the subject of a takeover bid by Huge Group, has delivered a solid set of interim results for the six months to end-December 2020.
Huge Group has launched a takeover bid for fellow JSE-listed technology company Adapt IT. The all-share bid, at an offer price of R5.52/share, does not enjoy the explicit support of Adapt IT’s board.
Software services group Adapt IT on Monday published full-year financial results to 30 June 2020 that showed remarkable resilience in the face of the Covid-19 pandemic and lockdown.
JSE-listed software services company Adapt IT saw a massive jump in its share price on Wednesday after it issued a surprisingly upbeat trading statement.
JSE-listed software services group Adapt IT said on Wednesday that it is not contemplating a rights issue “at this stage” as it moves to reduce its net debt to a more comfortable level.
While big technology shares in the US have continued to hit new highs in 2020 – among them, Microsoft, Apple, Amazon, Google and Nvidia – JSE-listed IT companies have had a torrid start to the new decade.
Adapt IT, pressured by a collapsing share price and a sub-optimal balance sheet, is reviewing its capital structure with a view to reducing its gearing – or the proportion of its debt to equity.
JSE-listed software services group Adapt IT has reported a 35% decline in headline earnings per share despite a 10% increase in revenue for the six months to 31 December 2019.