Laser - Press Release
THE LASER GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1971/010431/06)
(Share code: LSR ISIN: ZAE000017166)
("Laser")
The board of The Laser Group Limited (Laser) chaired by Bill Mc Adam in his
capacity as independent director, has received an offer presented by a
consortium led by Laser`s CEO Michael Fuller, to acquire Laser`s logistics and
HR businesses. The offer has been extended at a price that will result in a
distribution to shareholders of R2.96, a premium to the current market value.
The consortium consists of existing directors and management from the various
operating companies. The offer has been precipitated by the proposed delisting
and voluntary winding up of the Commercial Finance Corporation Limited (CFC),
the principle shareholder of Laser. The anticipated long term relationship with
CFC has, as a result of the voluntary winding up, not materialised.
Negative market sentiment towards small capitalisation stocks has resulted in
the underperformance of Laser`s share price. This has impacted on the company`s
ability to raise funds for growth.
Furthermore, the costs associated with maintaining a listing and meeting the
required JSE reporting requirements have influenced the board`s decision to
consider the offer.
The opinion of the independent advisor will be communicated in a circular to
Laser shareholders which will be mailed in due course.
Signed Michael Fuller
CEO The Laser Group
Date: 23/12/2002 12:20:10 PM Produced by the JSE SENS Department
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