KEL - Kelly Group - Non Fulfilment Of Conditions P
KEL
KEL
KEL - Kelly Group - Non Fulfilment Of Conditions Precendent For The Acquisition
Of Ichoices
KELLY GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/026249/06)
ISIN: ZAE000093373
Share Code: KEL
("Kelly Group" or "the Company")
NON FULFILMENT OF CONDITIONS PRECENDENT FOR THE ACQUISITION OF ICHOICES
Shareholders are referred to the iChoices announcement released on SENS on 14
November 2007. The announcement stated that Kelly Group had entered into an
agreement with MMC Holdings (Proprietary) Limited and Crestwell Trading 2
(Proprietary) Limited ("the Sellers") to purchase the entire issued share
capital of iChoices Call Centre Outsourcing (Proprietary) Limited ("iChoices")
("the Acquisition").
Due to certain factors affecting the business of iChoices, during the past year,
it has not been possible to implement the Acquisition as originally envisaged.
After due consideration, and having carefully considered an alternative basis
for implementing the Acquisition, the parties have not pursued the fulfilment of
the remaining suspensive conditions and have, by mutual agreement, allowed the
agreements in respect of the Acquisition to lapse.
Sandton
16 April 2008
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Attorneys
Read Hope Phillips
Date: 16/04/2008 16:12:17 Produced by the JSE SENS Department.
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