OneLogix: CVDS, United Bulk snapped up

Listed logistics and transport group OneLogix has entered into agreements to increase its shareholding in Commercial Vehicle Delivery Services (CVDS) and United Bulk. It said on Friday it had agreed with the trustees of the Denmar Trust to acquire the trust’s 25 percent shareholding in and claims against CVDS for R14.25 million. It will now own 100 percent of CVDS. It has also agreed with Tanker Solutions to acquire part of its 14 percent shareholding in and claims against United Bulk for R13m. The group owns 60 percent of United Bulk; the transaction will take this to 74 percent. OneLogix said the purchase consideration for the CVDS transaction would be settled by a cash payment of R5.25m and the allotment and issue by OneLogix of 2.57 million OneLogix shares at an issue price of R3.50 a share. The purchase consideration for the United Bulk transaction will be settled through the allotment and issue of 3.7 million OneLogix shares to Tanker Solutions at an issue price of R3.50 a share. – Roy Cokayne