Brainware - Acquisition Of Southern Electricity Co
Brainware - Acquisition Of Southern Electricity Company Limited
Brainware Limited
(Registration number 1997/006894/06)
Share code: BRW
ISIN code: ZAE000018289
("Brainware")
ACQUISITION ("the acquisition") OF SOUTHERN ELECTRICITY COMPANY (PROPRIETARY)
LIMITED (SELCo"): DETERMINATION OF FINAL PURCHASE CONSIDERATION
With reference to the undertaking contained in paragraph 3 of Brainware`s
circular to shareholders dated 15 August 2002 ("the circular"), Brainware
shareholders are hereby informed that the audit of SELCo for the period ended 30
June 2002 ("the final date") has now been completed and that the net asset value
of SELCo at the final date, following the capitalisation of shareholders` loans
referred to in the circular, amounts to R1 444 426. The 22 209 795 consolidated
ordinary shares of 5 cents each that will be issued (at an aggregate value
equaling the aggregate net asset value of SELCo at the final date) to the
vendors of SELCo as consideration for the acquisition ("the purchase
consideration"), will accordingly be issued at approximately 6,5 cents per
share, i.e. a premium of approximately 1,5 cents per share. Accordingly, the
purchase consideration does not include any goodwill.
Centurion
22 August 2002
CORPORATE ADVISOR AND SPONSOR
Quaestor Capital (PTY) LTD
Registration number 1991/007330/07
Date: 22/08/2002 12:23:35 PM Produced by the JSE SENS Department
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