| Fri 21 Aug 2009, 15:22 | | OLG - Onelogix Group - Disposal Of Interest In 4logix (Proprietary) Limited |
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OLG
OLG
OLG - Onelogix Group - Disposal Of Interest In 4logix (Proprietary) Limited
ONELOGIX GROUP LIMITED
(Registration number 1998/004519/06)
Share code: OLG
ISIN: ZAE000026399
("the company")
DISPOSAL OF INTEREST IN 4LOGIX (PROPRIETARY) LIMITED
OneLogix (Proprietary) Limited ("OneLogix"), the operating subsidiary of the
company has, as of 17 August 2009, entered into an agreement for the sale of its
51% equity interest in 4Logix (Proprietary) Limited ("4Logix"), comprising the
51 ordinary shares owned in 4Logix and all claims which it has against 4 Logix
(the "sale equity"). The sale equity is being sold to Mr JP Cronje ("the
purchaser"), who currently owns the remaining shares in 4Logix and is the
executive director of 4Logix.
The effective date of the disposal will be 1 June 2009, provided that
implementation of the disposal remains conditional on the fulfilment of the
following conditions:
- 4Logix paying to OneLogix a final dividend in an amount of R585 000; and
- OneLogix being released from its various obligations in respect of 4Logix
comprising a suretyship given in favour of Nedbank Limited, a trading
account operated in its name by Transnet and certain guarantees given in
favour of Transnet.
The purchase price payable by the purchaser to OneLogix for the sale equity is a
cash amount of R1 115 000 payable as follows:
- R115 000 payable on the implementation date against delivery of the sale
equity by OneLogix; and
- the balance, in an amount of R1 000 000, payable on or before 31 May 2011.
In order to secure payment of the deferred portion of the purchase price,
OneLogix has received a pledge of the sale equity from the purchaser and has a
call option over the sale equity in terms of which it would be entitled to
repurchase the sale equity for an amount equal to the then outstanding portion
of the purchase price. In addition, restrictions have been placed on 4Logix in
regard to the declaration of dividends prior to the settlement of the deferred
portion of the purchase price.
The effect of the transaction on the net assets, net tangible assets, earnings
per share and headline earnings per share of the company as published for the
six month period ended 30 November 2008 are not significant.
The decision to dispose of the company`s interest in 4Logix is based on the
boards` view that the relatively high revenue low margin businesses conducted by
4Logix and its subsidiary, Gijima Supply Chain Management Services (Proprietary)
Limited, offering logistics solutions for the rail of bulk commodities, no
longer fit with the group strategy.
The proceeds to be received by OneLogix on the disposal of 4Logix will be
applied for general business purposes.
21 August 2009
Designated advisor
Java Capital (Proprietary) Limited
Date: 21/08/2009 15:22:01 Produced by the JSE SENS Department.
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