|
VOX
VOX
VOX - Vox Telecom - Further Announcement Regarding Dealstream Securities
VOX TELECOM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/016433/06)
("Vox" or "the Company")
JSE Code: VOX ISIN Code: ZAE000097234
FURTHER ANNOUNCEMENT REGARDING DEALSTREAM SECURITIES
INTRODUCTION
Following the SENS announcement dated 23 September 2008, the Vox board have
further considered matters surrounding Dealstream Securities ("Dealstream") in
regard to reported events ("the Dealstream Events").
The Company is evaluating its legal position in relation to the Dealstream
Events and in particular the claims it has against Dealstream, its directors and
related parties, including in relation to any criminal actions.
ESTIMATION OF MAXIMUM EXPOSURE TO THE COMPANY
The board has evaluated the maximum after tax loss in relation to the Dealstream
Events and has concluded that this potential loss is less than 5 cents per
share.
Vox used Dealstream to acquire treasury shares in the open market. Dealstream
held approximately R30 million of Vox cash, the recoverability of which the
Company believes has been materially prejudiced. This amount arose from the
disposal of Vox treasury shares acquired and placed in terms of the Company`s
general authority.
The balance of the potential loss relates to a provision for legal and related
costs that may be required and staff loans that may, as a consequence of the
Dealstream Events, need to be impaired.
The director`s exposure to Dealstream does not impact the potential loss
pertaining to the Company. The director`s accounts had positive cash balances
and the directors were not in default of their margin requirements prior to
Dealstream ceasing trading.
ONGOING BUSINESS
Vox, headquartered in Johannesburg, employs more than 700 people, has annualised
revenues of approximately R2 billion and provides telecommunication services to
more than 185 000 customers.
The Company considers that the sharp decline in the share price in recent days
is a function of the close out of derivative positions following the Dealstream
Events and is unrelated to operating fundamentals of the business, which remain
sound.
Shareholders will be kept informed of any further developments.
Johannesburg
26 September 2008
Designated Advisor
PSG Capital (Pty) Limited
Date: 26/09/2008 08:07:01 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
