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E-DATA - JDC DEAL ON TRACK
E-DATA HOLDINGS LIMITED
E-Data Holdings Ltd is pleased to announce that John Daniel Containers Ltd has
met one of the most important suspensive conditions in their Agreement that,
subject to certain remaining suspensive conditions, will see JDC list in a
reverse take-over of E-Data.
JDC was successful in raising R2,235 million by way of a non-renounceable rights
offer to existing JDC shareholders.
The offer was oversubscribed and the funds will be applied mainly to fund the
costs of the transaction and for working capital.
The Chairman of JDC, Louis Harris says: "We are extremely happy with the results
of the rights offer, as this is also indicative of shareholder support for our
chosen route. We are cognisant that it is a difficult market to raise funds in
and the fact that we were oversubscribed, once again shows that shareholders are
prepared to support their Company even in difficult times and that they believe
in the future prospects of JDC as a listed Company."
James Stride, Chairman of E-Data says: "This was an important milestone to be
achieved for both companies and we are now ready to commence with a formal offer
to JDC shareholders."
Offer documentation will be forwarded to JDC shareholders during September 2002.
An oversubscription for a Venture Capital Company in current market conditions
shows support for our deal, but it should be kept in mind that all JDC`s
previous public offers were also oversubscribed."
JDC is a high technology trailer manufacturer situated in Mossel Bay. The
Company owns registered patents in more than 40 countries. In addition, the
Company has received numerous international and local awards from such
organisations as the Institute for Mechanical Engineers, the SABS and is
registered to ISO 9001 by Underwriters Laboratories Incorporated.
JDC has recently registered a further provisional patent for a new product
specifically aimed at the transportation of heavy high density materials.
The Company is best known for its side-tipping self-offloading container system
used by Sappi for the past five years, but has recently made inroad into the
timber industry as a result of its licensing deal with Briab Kilafors of Sweden.
Its flagship product undoubtedly is the Castle Gig Rig entertainment vehicle
developed for SAB-Miller, often seen at big events such as last Saturday`s test
series at Ellis Park.
The Company has been working closely with the Light of Hope Trust and Exp-
Momentum whereby these organisations have developed a National HIV/Aids
Awareness Campaign in rural areas and the Gig Rig is considered an ideal tool to
take a message of behavioural change to rural areas where traditional messaging
tools are either not available or ineffective.
With regard to the listing and future, Harris goes on to say: "We have
developed a model of ultimate empowerment and believe that it is now an
opportune time to search for an empowerment partner with broad based
representation and substantial critical mass that will enable the Company to
grow its local market share. While great inroads have been made in empowerment
of hauler companies, not much appears to have been achieved on the supply side
and this will be a key area of focus for us in the short term!".
The listing is planned for early November 2002 and is still subject to
shareholder, statutory and JSE approvals.
Issued jointly by: E-Data Holdings Ltd ("E-Data")
1ST Floor Magnum Place
5 Second avenue
Hyde Park, Sandton
And
John Daniel Containers Ltd
Barrier Road
Mossdustria
Mossel Bay
Contact persons: James Stride (Chairman of E-Data)
Cell: 083 226 6641
And
Louis Harris (Chairman of JDC)
Cell: 082 494 7733
Office: 044 697 7874/5
Date: 19/08/2002 03:11:00 PM Produced by the JSE SENS Department
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