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MOR
MOR
MOR - Morvest Business Group Limited - Disposal and Further Cautionary
Announcement
MORVEST BUSINESS GROUP LIMITED
(Previously Simeka Business Group Limited)
(Incorporated in the Republic of South Africa)
(Registration No. 2003/012583/06)
Share code: MOR ISIN code: ZAE000152567
("Morvest" or "the Company")
- DISPOSAL OF CERTAIN INTELLECTUAL PROPERTY OF MINT MANAGEMENT TECHNOLOGIES
(PROPRIETARY) LIMITED RELATED TO ITS PROPERTY VALUATION BUSINESS TO MOPUTSO
INVESTMENTS No 66 (PROPRIETARY) LIMITED
FURTHER CAUTIONARY ANNOUNCEMENT
1. Introduction
The board of directors of Simeka is pleased to announce that Simeka, through
its 50,01% owned subsidiary Mint Management Technologies (Proprietary) Limited
("Mint"), has entered into an assignment agreement with Moputso Investments No
66 (Proprietary) Limited ("Moputso")("the assignment agreement") in terms of
which Mint disposes of certain intellectual property, relating only to its
property valuation business, for the consideration of a 35% equity interest in
Moputso.
The intellectual property disposed of by Mint is not a material part of its
business and was assigned in the ordinary course of Mint`s business.
2. Background and description on Mint and Moputso
Mint partners with leading companies to automate complicated business
processes resulting in strong business returns and improved customer
satisfaction and loyalty. Mint has more than a decade of proven track record
in building sustainable end-to-end solutions and its focus is on sales and
field service automation.
Moputso is a special purpose vehicle which was formed to acquire the
businesses of Property Dot Go (Proprietary) Limited and Knowledge Factory
(Proprietary) Limited. Moputso is to carry on the business of providing
detailed intelligence about the South Africa population, markets and property
to its clients.
3. Rationale for the transaction
Mint made a strategic decision to obtain a stake in Moputso in order to drive
combined operational efficiencies and especially to drive a combined data and
technology strategy to current and future customers.
4. Terms of the assignment agreement
4.1 Settlement of consideration
In terms of the assignment agreement, the consideration of R10 million will be
discharged by Moputso by the allotment and issue of 700 ordinary shares in
Moputso to Mint equating to a 35% equity stake in Moputso.
4.2 Effective date
The effective date of the transaction is 1 November 2010.
4.3 Warranties
Mint has given such warranties as are normal for transactions of this nature.
4.4 Conditions precedent
The transaction is unconditional.
5. Categorisation of the transaction
The disposal is a Category 2 transaction in terms of the JSE Limited Listings
Requirements; accordingly the approval of Simeka shareholders is not required.
The financial effects of the transaction are currently being determined and
shall be published in due course, if material.
6. Further Cautionary announcement
Shareholders are advised to continue to exercise caution when dealing in the
securities of the company until the pro forma financial effects of the
transaction have been announced on SENS.
Johannesburg
9 March 2011
Designated Advisor: Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 09/03/2011 14:22:01 Produced by the JSE SENS Department.
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