– the main operating subsidiary of Ellies Holdings – has received buyout offers from unnamed third parties that its CEO believes could save the company.
in terms of the Companies Act after failing to secure backing from its bankers for an acquisition that formed a key part of a turnaround plan.in January when a planned acquisition of Bundu Power, which it had hoped would put it on a firmer footing financially, fell through. That deal was subject to debt funding from Ellies’ bankers and the approval of shareholders. The bankers advised Ellies that they were not prepared to fund the acquisition.
But in the latest development, Ellies Electronics – which “contains all cash-generating business units within the Ellies Group” – said it intends to continue trading.
Nederland Laatste Nieuws, Nederland Headlines
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Ellies, JSE-listed electronics manufacturer, to be liquidated after failed business rescue effortsJSE-listed electronics manufacturer and distributor Ellies is being liquidated after business rescue efforts failed to bear fruit. The company announced that attempts to resuscitate the business had gone belly up.
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