Media and entertainment group Johnnic Holdings said on Tuesday that it is still considering certain proposals with regards to eliminating the pyramid structure between it and Johnnic Communications (Johncom) and strengthening its black economic empowerment profile.
The group said that an independent committee appointed in September to examine the restructuring has received certain proposals in this regard, which it is currently considering.
It is also in the process of appointing an independent adviser to advise it on the restructuring proposals.
“After the independent committee has made a decision, a detailed announcement will be published,” it stated.
“Accordingly, shareholders are advised to continue to exercise caution when dealing in Johnnic’s securities until the detailed terms of the proposed restructuring are published.” — I-Net Bridge