DGC
DGC
DGC - Digicore Holdings Limited - Voluntary announcement Digicore acquires
remainder of Uk Vehicle Tracking Company
DIGICORE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/012601/06)
Share Code: DGC
ISIN Number: ZAE000016945
("Digicore" or "the Company")
VOLUNTARY ANNOUNCEMENT: DIGICORE ACQUIRES REMAINDER OF UK VEHICLE TRACKING
COMPANY
Shareholders are referred to the SENS announcement of 18 May 2010. The board
of DigiCore hereby announces that DigiCore International Holdings BV, a
wholly owned subsidiary of DigiCore, has acquired the remainder of the shares
of MPS 2010 Limited ("MPS 2010") from Minorplanet Systems PLC
("Minorplanet"), as well as all Minorplanet`s intellectual property rights,
with immediate effect.
This action has been taken due to the financial position of the Minorplanet
deteriorating to such an extent that DigiCore was compelled to enforce the
security rights of DigiCore`s financial agreements with Minorplanet.
Going forward DigiCore will be providing all service and support to
Minorplanet`s customers in the United Kingdom under client contracts ceded to
MPS 2010, whose name will be changed to C-track UK Ltd.
DigiCore`s intention is to give MPS 2010 the financial stability and
assistance required to turn it into a profitable business in the foreseeable
future. DigiCore will look to cut costs to bring about efficiencies between
MPS 2010 and the existing DigiCore UK business
The existing DigiCore business in the UK has to date performed extremely well
in the bigger corporate market, supplying fleet management systems to clients
such as Royal Mail and Thames Water. Management believe that the two
businesses will complement each other as DigiCore UK gains a foothold in the
SME market and adds some very competent people to the team.
This transaction probably makes DigiCore the player with the biggest number
of GPS/GSM systems installed into the UK`s vehicle operators.
9 June 2010
Pretoria
Sponsor
PSG Capital (Pty) Limited
Date: 09/06/2010 12:11:02 Produced by the JSE SENS Department.
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