EXL
EXL
EXL - Excellerate - Announcement
Excellerate Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/009884/06)
JSE code: EXL ISIN: ZAE000026092
("Excellerate" or "the Company")
ANNOUNCEMENT
The board of directors of Excellerate ("the Board") has reached a mutual
agreement with Akenton Services (Pty) Limited ("Akenton"), one of Excellerate`s
current Black Economic Empowerment ("BEE") partners, whereby Excellerate will
acquire all of Akenton`s shares in Excellerate Investment Holdings (Pty)
Limited. This will allow the shareholders of Akenton more time to focus on other
opportunities that could result in potential conflicts of interest with certain
of Excellerate`s business units.
Accordingly Excellerate will acquire Akenton`s 25% shareholding in Excellerate
Investment Holdings (Pty) Limited for R1.2 million in cash. The transaction is
not a categorised transaction in terms of the Listings Requirements of the JSE
Limited and does not require shareholder approval.
The Board remains committed to BEE and will continue to explore future BEE
opportunities to empower the Company and its operations. These efforts will be
directed through Excellerate`s substantial partnership with Ikamvha Labantu in
Katanga, as well as through new initiatives where appropriate.
Sandton
4 August 2009
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 04/08/2009 09:10:03 Produced by the JSE SENS Department.
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