IDION Technology Holdings Limited - Press Release
("IDION")
IDION receives DataMirror offer
IDION Technology Holdings this afternoon received a formal offer of 65 cents
per IDION share from DataMirror Corporation.
"This is the first time that we actually have an offer on the table, despite
earlier representations to the contrary," said Executive Director Corne
Arnold.
"We want to assist shareholders to take an informed decision about the
offer. We assure the market that, within the rules of the Securities
Regulation Panel, we will communicate openly about the company, its
financial position, its performance and its prospects."
As noted in the announcement by IDION on 19 March 2002, the Board of
directors has tasked a committee comprising its non-executive directors to
consider the offer. The non-executive directors are the chairman, Mr Philip
McDonald, Dr Danie Cronje and Mr Dave de Beer. The committee has appointed
PricewaterhouseCoopers Corporate Finance to provide independent advice on
the merits or otherwise of the offer.
The committee's assessment of whether or not this offer represents fair
value will be circulated to all shareholders within 14 days from today.
"The company is in a strong financial position and management believes it
will be able to demonstrate this to the committee and ultimately to
shareholders," said Willem Richard, Executive Director, Group Finance at
IDION.
The significantly conditional offer is open until 19 April 2002.
Shareholders therefore do not have to take a hasty decision but can afford
to await the Board committee's assessment before taking a final view on the
offer from DataMirror.
Johannesburg 26 March 2002
Enquiries:
IDION Technology Holdings Ltd. Tel: +27 (0) 11 517 1500
Corne Arnold, Executive Director - Corporate Communications
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