Ixchange Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/009928/06)
("Ixchange")
Announcement
On 24 April 2001 Ixchange announced that an agreement had been concluded
with certain shareholders of FrontRange Solutions Incorporated
("FrontRange") whereby FrontRange would acquire their shares at US$2 per
share ("the buy back").
The agreement made provision for the payment date of the buy back to be 8
June 2001 by an election thereof on or before 1 June 2001. Such an election
has been made and Frontrange will make payment of $ 19,085,800 in respect of
the buy back on or before 8 June 2001. Should the buy back have been made on
31 March 2001, FrontRange would have had a net positive cash position of
approxiamately US$ 31 million post the settlement.
The effect of the transaction is to increase Ixchange's interest in
Frontrange Solutions to 85%.
Johannesburg
4 June 2001
Investment Bank and Sponsor
Nedcor Investment Bank
Corporate Law Advisers and Consultants
Edward Nathan & Friedland (Pty) Ltd
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
