STA - StratCorp - Cancellation of the agreement relating to the acquisition of
STA
STA
STA - StratCorp - Cancellation of the agreement relating to the acquisition of
the entire issued share capital of XPress Holdings (Proprietary) Limited
("XPRESS")
StratCorp Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/031842/06)
JSE code: STA
ISIN: ZAE000034294
("StratCorp" or "the company")
CANCELLATION OF THE AGREEMENT RELATING TO THE ACQUISITION OF THE ENTIRE ISSUED
SHARE CAPITAL OF XPRESS HOLDINGS (PROPRIETARY) LIMITED ("XPRESS")
Shareholders are referred to the announcement dated 27 May 2008 in which
StratCorp announced that it had entered into an agreement to acquire the entire
issued share capital of Xpress, a rental finance company, for a total purchase
consideration of R6 114 551 ("the agreement").
Due to alleged misrepresentation of material information by Xpress, the
agreement has been declared null and void by Stratcorp and this will result in
Stratcorp taking legal action against the sellers.
Other than possible legal costs and provision for monies advanced by StratCorp
to Xpress, StratCorp does not expect to experience any adverse affect as a
result of the above action and continues to operate its own rental finance
operation.
Johannesburg
20 October 2008
Designated Adviser
Vunani Corporate Finance
Date: 20/10/2008 15:50:11 Produced by the JSE SENS Department.
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