| Tue 20 May 2008, 7:06 | | UCS - Ucs Group Limited - Further cautionary annou |
|
UCS
UCS
UCS - Ucs Group Limited - Further cautionary announcement:proposed acquisition
UCS GROUP LIMITED
(Registration number 1993/002253/06)
JSE Code: EXL ISIN: ZAE000016150
(Incorporated in the Republic of South Africa)
("UCS" or "the UCS Group")
FURTHER CAUTIONARY ANNOUNCEMENT:
PROPOSED ACQUISITION OF THE BUSINESS OF COMPUTER SOFTWARE CONSULTANTS
(PROPRIETARY) LIMITED
Further to the cautionary announcement dated 13 May 2008, UCS shareholders are
advised that UCS has entered into a term sheet and exclusivity arrangement
whereby it has proposed to negotiate and finalise the acquisition of the
business of Computer Software Consultants (Proprietary) Limited ("CSC") as a
going concern ("the proposed transaction").
CSC is a leading provider of secure payment technologies, services and solutions
at point of sale. CSC`s business is primarily focused on the development of
software relating to card-based transactions and it has been supplying,
delivering and servicing high speed secure terminals to the Sub-Saharan African
market for over 15 years. CSC is a VeriFone International Partner ("VIP") and
has developed and implemented a number of integrated payment solutions utilising
VeriFone devices for leading banks and retailers in Sub-Saharan Africa. The
business currently supports and services in excess of 50,000 terminals.
The proposed transaction represents a strategic positioning for UCS in the value
added services arena and the commencement of a specific focus on servicing a
portion of the financial services sector to complement and assist in
diversifying the UCS Group`s current software, solutions and services offerings
to the retail and government sectors.
The entering into of the proposed transaction and the settlement of the final
terms and conditions relating thereto is subject, inter alia, to UCS being
satisfied with the outcome of a financial and legal due diligence, investigation
in respect of the business of CSC, the raising and structuring of the necessary
funding, the entering into of the appropriate definitive agreements and the
obtaining of all requisite regulatory approvals.
A further announcement will be published once UCS has concluded the due
diligence investigation and definitive agreements. This announcement, which is
expected to be published before the end of June 2008, will include the finally
agreed transaction terms and conditions, the purchase price payable and pro-
forma financial effects.
Shareholders are accordingly advised to continue to exercise caution when
dealing in UCS shares until such time as a further announcement is made.
Johannesburg
20 May 2008
Sponsor to UCS Legal Advisors to Corporate Advisors
UCS to CSC
Barnard Jacobs
Mellet Corporate Jowell Glyn & Metier Advisory
Finance (Pty) Marais (Pty) Limited
Limited
Date: 20/05/2008 07:06:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
