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Simply Secure Limited, a managed security services provider, is looking to take over tTech, a local information technology services provider for the teen market.
tTech said in a notice to the Jamaica Stock Exchange that it and its parent company, Simply Secure LLC, based in Fort Lauderdale, Florida, currently hold 49.1% of tTech’s outstanding shares.
Simply Secure Limited is owned by Kevin Gordon and Rob Mayo-Smith.
The company acquired tTech’s stake from two major shareholders, Edward “Teddy” Alexander and former CEO Christopher Reckord.
Simply Secure, which currently owns more than 52 million tTech shares, said it plans to acquire a controlling stake in the local IT company.
tTech has 106 million shares outstanding, and as of Friday’s close, the stock price was $2.50.
The deal is worth more than $130 million based on Friday’s prices.
tTech said that once Simply Secure acquires a controlling interest in tTech, it will make an offer to all remaining tTech shareholders to purchase their shares.
tTech was listed on the primary market in January 2016.
This is subject to required approvals and due diligence as well as regulatory approvals, the notification said.
As the acquisition exceeds 20% of tTech’s issued and outstanding ordinary shares, the company said it has notified the Johannesburg Stock Exchange and the Financial Services Commission.
tTech said there will be some board and management changes.
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