JOHANNESBURG - Verimark Holdings said on Monday its majority shareholder intended to acquire the remaining shares and delist the firm which sells direct response television products.
The company said it had received notice from the Van Straaten Family Trust, which holds around 64 percent stake in Verimark, that it planned to acquire the minority interests.
Verimark said on Monday its revenue for the six months ended 31 August 2018, fell 1 percent to R207.5 million on the back of lower consumer confidence due to the country’s recession and most retailers tightening up on stock holding.
LAST 6 MONTHS EARNINGS
Verimark said in Apil that it expects to report improved profits for the financial year ended 28 February 2018 despite a challenging retail environment in SA.
Verimark said that it will record a profit before taxation of between R43 million and R50.4 million, an increase of between 15.1 percent and 35.1 percent on the R37.3 million for the comparative period.
Headline earnings per share (HEPS), the measure of a company's profitability, is expected to be in the range of 29.5 and 34.3 cents per share compared to the 24,0 cents per share the previous year, an increase of between 22.8 percent and 42.8 percent.