E-data Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013215/06
Share code: EDT ISIN: ZAE000015673
("E-data" or "the company")
Further cautionary announcement
Shareholders are referred to the renewal of cautionary announcement dated
22 August 2001, in terms of which they were advised that discussions
pertaining to a possible transaction were continuing. The discussions
pertain to the acquisition by a party of control of E-data by injecting new
assets into the company ("the acquisition") and the simultaneous disposal by
the company of all of its operating businesses ("the disposal").
It is a condition of the acquisition that the disposal is effected.
The directors have been forced to apply for the voluntary liquidation of
two of its major subsidiary companies, E-data (Pty) Limited and E-data
Communications Solutions (Pty) Limited, which comprise approximately 70% of
E-data's business. The liquidation order has not yet been granted and is
anticipated within the next three weeks.
The application became necessary as a result of the inability of the
respective companies to service their collective liabilities amounting to
approximately R1,6 million.
The remaining subsidiaries, E-data Information Technology (Pty) Limited
and Freenet (Pty) Limited, are cash flow positive and will continue
operating.
The party with whom negotiations are taking place is aware of the
situation.
Two of the directors of the company, D M Gibson* and P Protopappa*, have
resigned with immediate effect. The board will now comprise the following: C
J Stride (Chief Executive Officer), J de Jager (Chief Operating Officer), Y
Louk, A Roussos* and R A Stride*
(*non-executive)
Shareholders are accordingly advised to continue to exercise caution in
dealing in their E-data shares until a further announcement in this regard
is made.
Johannesburg
5 October 2001
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
(Registration number 1999/0024792/02)
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