Allied Technologies Limited - Withdrawal Of Cautio
Allied Technologies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/020415/06)
Share code ALT ISIN ZAE000015251
("Altech")
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement dated 3 May 2002
relating to the proposed acquisition by Altech Data (Proprietary) Limited
("Altech Data"), a wholly-owned subsidiary of Altech, of the information
technology interests of Labat Africa Limited ("Labat") and certain
associated transactions, including the acquisition by a Labat shareholder
consortium of a 50,1% shareholding in Altech Data.
On Friday, 21 June 2002 Labat released an announcement on the Securities
Exchange News Service, and published this announcement in the press on
Monday, 24 June 2002 ("the Labat announcement"). In order to clarify the
reason provided in the Labat announcement for the termination of discussions
and having regard to issues arising from the mutual due diligence process,
Altech advises that adjustments to the comparative valuations were proposed
by Altech, which would have favoured Altech Data. The adjustments would have
required additional funding by Altech for the Labat shareholder consortium
to acquire shares in Altech Data. The parties were unable to reach agreement
on the valuation adjustments and the additional preference share funding
arrangements and as a result, negotiations were terminated.
Accordingly, shareholders are advised that caution is no longer required
when dealing in Altech shares.
Johannesburg
24 June 2002
Merchant bank and transaction sponsor
Standard Corporate and Merchant Bank
A division of the Standard Bank of South Africa Limited
(Registration number 1962/00738/06)
Date: 24/06/2002 03:00:17 PM Produced by the SENS Department
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