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STO
STO
STO - Set Point - Announcement and Renewal of Cautionary
Set Point Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1996/014334/06)
Share code: STO
ISIN: ZAE000013629
("Set Point" or "the Company" or "the Group")
ANNOUNCEMENT AND RENEWAL OF CAUTIONARY
Set Point hereby advises its shareholders of a number of developments
within the Group as follows :
1. Retirement of CEO
Mr Errol Gregor, who recently attained the age of 60, has indicated
that he wishes to retire from the Group. His resignation as CEO and
as a director of Set Point and certain of its subsidiaries will take
effect on 8 May 2007. Mr Gregor will be available as a consultant to
the Group until 31 August 2007.
2. Appointment of Acting CEO
The Group`s CFO, Mr Graeme Horsfield, has been appointed Acting CEO.
He will be supported to the extent necessary by the Board and its
committees. The Board will also conduct an external and internal
executive search with the intention of appointing a new Group CEO
before the end of the current financial year.
3. Disposal of Mineral Mining
The Group has disposed of the Mineral Mining business unit within the
Mining Services Division for a net consideration of R6,4m represented
by R3,6m in cash and 4m Set Point shares with a market value at 7 May
2007 of R2,8m, equivalent to 70 cents per share. The impairment of
goodwill/loss on sale amounted to R3,5m. The shares will either be
sold through the market and the cash paid to Set Point or the Company
will initiate the correct procedures for a buy back by a subsidiary.
4. Seran Engineering
The Group is taking appropriate steps to claw back the purchase
consideration and the 30m Set Point shares pledged as security for
this.
5. Board Composition
As a result of the departure of two directors from the Board in recent
months, the Remuneration and Nominations Committee is considering
various candidates with the intention of recommending the appointment
of further directors to the Board.
6. Interim Results
The Group`s interim results for the period ended 28 February 2007 are
expected to be published in the last week of May 2007.
7. Renewal of Cautionary Announcement
The Group has continued to receive approaches for the purchase of
individual business units and also for the Group as a whole. In
addition, the Group is in discussions with Mineworkers Investment
Company (Pty) Limited who have expressed an interest in acquiring a
10% shareholding in the Group through the subscription of an issue of
shares for cash.
While these discussions are in progress, shareholders are advised to
continue to exercise caution in dealing in Set Point shares until a
more detailed announcement is made.
8. Communications
Any queries relating to this announcement should be referred to the
Group Chairman, Mr Christopher Seabrooke, at (011) 268-2400.
Isando
8 May 2007
Sponsor:
Investec Bank Limited
Date: 08/05/2007 17:10:01 Produced by the JSE SENS Department.
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