Isaias Jose "Zak" Calisto, Chief Executive Officer of Cartrack Holdings Limited (JSE:CTK) made an offer to acquire remaining 32.2% stake in Cartrack Holdings Limited for ZAR 4 billion on December 7, 2020. As per the transaction, Calisto made the offer to acquire remaining 95.44 million share at ZAR 42 per share. Post completion, Isaias Jose "Zak" Calisto will hold 100% stake of Cartrack Holdings Limited and it will be delisted from stock exchange. The transaction is subject to approval from shareholders of Cartrack and regulatory body. Cartrack Board unanimously recommends that Cartrack Shareholders vote in favour of the Scheme Resolutions at the Scheme Meeting. Cartrack Shareholders meeting will be held on February 17, 2021. As of February 17, 2021, transaction has been approved by majority of shareholders of Cartrack Holdings Limited. Transaction remain subject to the fulfilment or (to the extent capable of waiver) the waiver of the Conditions Precedent. Cartrack Holdings Limited has established an independent committee of board of directors to review the transaction. Scheme is expected to be finalized on March 19, 2021. BDO Corporate Finance Proprietary Limited acted as independent expert to Cartrack Holdings Limited. Norton Rose South Africa acted as legal advisor to the Independent Board of Cartrack. Allen & Gledhill acted as legal advisor and Merrill Lynch South Africa (Pty) Limited acted as financial advisor to Cartrack Holdings Limited. Edward Nathan Sonnenbergs Incorporated acted as legal and tax advisor and RAND MERCHANT BANK (a division of FirstRand Bank Limited) and Merrill Lynch (Singapore) Pte. Ltd. acted as joint financial advisors to Isaias Jose "Zak" Calisto. Computershare Investor Services (Proprietary) Limited acted as registrar to Cartrack Holdings Limited.