Not logged in
  Home   Markets   Shares   Funds   Portfolio   Toolbox   Charting   Alerts   Directory   
 Admin   

Mon 7 Oct 2002, 18:08 Allied Technologies Limited - Acquisition Of Pris
Allied Technologies Limited - Acquisition of Prism TranSwitch Services (Pty) Ltd
("PTSS")                                                                        
Allied Technologies Limited                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 1946/020415/06)                                            
Share Code: ALT ISIN: ZAE000015251                                              
("Altech")                                                                      
Acquisition of Prism TranSwitch Services (Pty) Ltd ("PTSS")                     
1.   INTRODUCTION                                                               
Altech has entered into a heads of agreement with Prism Holdings Limited        
("Prism") to purchase the entire issued share capital and shareholder loans in  
PTSS from Prism with effect from 1 December 2002 ("the acquisition"), subject to
the conditions precedent set out below. The acquisition price is R47 million,   
payable in cash. A formal sale agreement will be concluded in due course and    
will contain terms and warranties as are usual for a transaction of this nature.
2.   RATIONALE FOR THE ACQUISITION                                              
PTSS is South Africa`s leading electronic funds transfer and bill payment       
processing services business. It switches over 150 million transactions per year
on behalf of major retailers, utilities and financial institutions, including,  
amongst others, Pick `n Pay, Shoprite, Eskom, Telkom, BP and Edcon.  PTSS will  
complement Altech`s existing card solutions businesses and there is significant 
scope for the further development of PTSS`s business within the Altech Card     
Solutions stable.                                                               
Altech anticipates that PTSS will also add impetus to Altech Card Solutions by  
further strengthening its customer base and enabling the further development and
extension of the value-add services it provides to its customers. PTSS will     
provide end-to-end payment solutions in conjunction with other Altech companies,
such as Africard and Cardtronic, both of which are in the card business. Altech 
therefore anticipates that PTSS will prove to be significantly value-enhancing  
to the Altech group in the medium term.                                         
This acquisition will have no immediate material financial impact on Altech`s   
pro-forma HEPS or net assets per share.  However, in view of its strategic      
importance and added value to Altech, increased financial benefits should be    
derived within the near future.                                                 
3.   CONDITIONS PRECEDENT                                                       
The acquisition is subject to the fulfilment of the following suspensive        
conditions by not later than 30 November 2002:                                  
- the conclusion of a formal sale agreement                                     
- approval by shareholders of  Prism in general meeting in terms of the         
requirements of the JSE Securities Exchange South Africa ("JSE")                
- approvals by the necessary regulatory authorities, including the Competition  
Commission South Africa, the JSE and the Securities Regulation Panel; and       
- Prism procuring the release of PTSS from all obligations it has to third      
parties for the indebtedness of the Prism group.                                
Johannesburg                                                                    
7 October 2002                                                                  
Investment bank                                                                 
Nedcor Investment Bank                                                          
Joint sponsors                                                                  
HSBC                                                                            
Cazenove                                                                        
Date: 07/10/2002 05:52:00 PM Produced by the JSE SENS Department                


Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
Other Profile Group sites: FundsData Online (unit trust data)  |  Profile Group corporate site
[  Terms of Use |  Privacy Policy |  PAIA manual |  FAQs/Help |  Site Map |  © Copyright Reserved 2026  ]
  


Powered by ProfileData

Profile Mobile App Google Play Store Apple App Store


Follow us on: