South African company, Westcon Group, parent of Australian networking distributor Lan Systems, has filed a registration statement with the US Securities and Exchange Commission for an initial public offering of Westcon’s common stock.
The preliminary "S1 filing" is required to start the process of an initial public offering in the USA.
The S1 filing relating to the common stock has been filed with the Securities and Exchange Commission but has not yet become effective.
According to the statement released by the company, these securities may not be sold, nor may offers to buy these securities be accepted, prior to the time that the registration statement becomes effective.
Copies of the S1 filing can be obtained directly from www.sec.gov. The company has issued a further cautionary to shareholders to exercise caution in their dealings "until further details are provided".
The company also announced that John McCartney and Alan Marc Smith have resigned as directors of Datatec with immediate effect. This, the company said, would "ensure a more independent Westcon board, with John McCartney retaining his role as non-executive chairman of Westcon, and Alan Marc Smith continuing as president and CEO of Westcon".
Additional independent non-executive directors are expected to be appointed to the Westcon board.