FoneWorx declares bumper dividend
The group's revenue grew 8.9% during the year‚ from R98.6m to R107.3m. This increase was mostly attributed to an 18.4% increase in revenue from the MediaWorx division‚ to R42.4m from R35.8m in the previous year.
The trust of South African billionaire family the Kirshes sold its stake to media group Caxton and CTP Publishers & Printers during the year.
The group's cash and cash equivalents position was strong enough for it to raise its dividend paid per share by 71%‚ from 7c to 12c. Cash and cash equivalents grew 11.2% from R98.3m to R109.3m.
FoneWorx's chief executvie Mark Smith said the group's performance during the year was purely organic and was achieved within a demanding macroeconomic environment. He said the group had experienced a protracted and challenging period that demanded senior management's time in trying to facilitate a merger with Value+ Nettwork and the Kirsh Consortium.
FoneWorx's board of directors came to the conclusion that to continue with the proposed transaction‚ based on additional revised financial information received from Value+‚ would be "reckless". He said the deal would have endangered the financial stability of the FoneWorx.
The transaction was ultimately cancelled by consensual agreement.
The 32.7% stake held by the William and Isaac Kirsh Trusts were subsequently acquired by Caxton and CTP Publishers & Printers for R2.30 per share.
Source: I-Net Bridge
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