Softline Limited - Further Cautionary Announcement
(Incorporated in the Republic of South Africa)
(Registration number: 1977/002304/06)
("Softline")
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement of 22 May 2001, Softline Limited
("Softline") is pleased to announce that it has signed a letter of intent
for a proposed transaction to be concluded with SVI Solutions Inc ("SVI")
and Shmulik Stein International Investments Limited ("SSII"), a private
European investment group.
Through a series of transactions:
Softline will dispose of the majority of its shareholding in SVI in return
for SVI's interest in Integrity, Inc, equating to an 11% equity interest in
Integrity, Inc.
Softline's loan to SVI of $11.5 million, including capital and interest
accrued, will be converted into $7 million worth of new SVI shares, which
will in turn be immediately sold to SSII for $7 million cash. The balance
of the loan, amounting to $4.5 million, will remain as a convertible
instrument in SVI, and will carry the right to be converted, at Softline's
option, into SVI shares at $1 per share
The transaction is subject to certain conditions and approvals.
Further details of the transaction will be provided to shareholders in due
course. In the interim, Softline's shareholders are advised to continue to
exercise caution when dealing in Softline Limited shares.
About Integrity:
Integrity is a Dublin-based software company that develops, markets,
implements and supports enterprise-wide software applications for small and
mid-sized organisations in the distribution and contracting industries.
Integrity's products enable organisations to optimise the efficiency of
internal and external information flow by integrating business-to-business
software modules with mission critical, enterprise-wide software
applications. These applications include core accounting functions as well
as key, industry-specific functionality.
About SSII:
SSII is a London based holding company that invests in well-established
listed companies. The group has invested in nine companies representing an
investment of 192 million Euros (US$162 million) and currently has a further
273 million Euros (US$233 million) being held for investing activities. This
group was founded in 1998 and has since expanded its business operations and
investment portfolio in Europe, the USA and South Africa.
Corporate Advisors
Cazenove
Attorneys
FRRW
Fluxman Rabinowitz Raphaely Weiner
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
