STO
STO
STO - Setpoint - Clawback of Seran Consideration
Set Point Technology Holdings Limited(Incorporated in the Republic of South
Africa)(Registration number: 1996/014334/06)Share code: STO ISIN:
ZAE000013629("Setpoint" or "the Company" or "the Group")
CLAWBACK OF SERAN CONSIDERATION
Shareholders have been advised of the previous losses and alleged frauds in the
Seran Mining Supplies business unit (Seran) of Setpoint.
Setpoint has commenced steps to claw back the purchase consideration originally
paid for Seran. In the Group`s interim results, a long term receivable of
R18,6m was carried on balance sheet as the minimum financial receipt expected
from the clawback process.
Shareholders are advised that agreement has now been reached that the 30m
Setpoint shares held as part security for the clawback will either be sold and
the proceeds paid to Setpoint, or will be returned to Setpoint for repurchase
and subsequent cancellation or retention as treasury shares.
Setpoint`s preference is that these 30m shares be sold directly to Mineworkers
Investment Company (Pty) Ltd (the BEE Group currently considering an investment
in Setpoint) and the cash paid to Setpoint. Shareholders will be advised if this
is concluded, or alternatively will be requested to authorise the repurchase of
the shares by Setpoint.
Isando
31 May 2007
Sponsor:
Investec Bank
Date: 31/05/2007 16:29:00 Produced by the JSE SENS Department.
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