DATED 3 MAY 2002
IDION TECHNOLOGY HOLDINGS LIMITED
(Registration No. 1998/013846/06)
Share Code: IDI ISIN Code : ZAE000022513
("IDION")
CORRECTING ANNOUNCEMENT RELATING TO DATAMIRROR CORPORATION'S ANNOUNCEMENT
DATED 3 MAY 2002
The attention of IDION shareholders is drawn to the fact that the
announcement by a wholly-owned subsidiary of DataMirror Corporation
(collectively, "DataMirror") dated 3 May 2002 does not correctly reflect the
decision and ruling made by the Securities Regulation Panel ("the SRP") in
respect of statements made by IDION in its circular dated 9 April 2002 and
in a SENS announcement dated 24 April 2002. The SRP stated in writing that
the statements did not constitute a profit forecast.
The SRP stated that:
"Notwithstanding the independent legal advice given to . Ýthe SRP¨ ... that
the relevant statements by IDION and complained about in Cliffe Dekker's
letter do not constitute profit forecasts and IDION's persistent similar
view, IDION has in the interests of its shareholders and also to avoid a
potentially lengthy appeal or review process acceded to the following ruling
-
In terms of Rule 25 of the Code it is ruled that the following statements
made by IDION will be deemed profit forecasts:
"Taking into account the historic seasonality of the licence revenue stream,
the business is expected to be profitable at year end"; and,
"The truth is that IDION has taken these circumstances into account in
preparing budgets for the year. IDION has, in anticipation of the expected
continued slowdown, aligned the business model and expense structure to meet
projected revenues so that the business will be profitable notwithstanding
the economic climate."."
IDION anticipates being in a position to publish a statement in this regard
and the related report of its auditors, Deloitte & Touche, in response to
the above statements on Monday 6 May 2002. In such circumstances it is
anticipated that a two trading day extension will be granted by the SRP to
DataMirror in respect of the DataMirror offer period.
Johannesburg, 3 May 2002
Joint corporate adviser and sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Legal adviser
Bowman Gilfillan Inc.
Joint corporate adviser
Corpcapital Corporate Finance
Independent adviser
PricewaterhouseCoopers Corporate Finance (Pty) Limited
Auditors
Deloitte & Touche
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