GLOBAL TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/009809/06)
Share code: GLT
ISIN Code: ZAE000016820
Following previous announcements, the directors of Global Technology wish to
advise that its results for the year ended 31 December 2002 will be lower than
the period ended 31 December 2001, reflecting a loss.
We are, however, confident that our trading environment is improving. This view
is reinforced by the TEMENOS trading update issued in Geneva yesterday (full
statement on SENS). The extended sales cycle experienced in 2002 will result in
business deals anticipated during the previous year augmenting the already
strong pipeline for 2003. In addition, the benefit of the cost savings
initiatives implemented by the company during 2002 will materialise during 2003.
The Board has made the decision to proceed with a rights offer in early 2003, in
order to reduce gearing to moderate levels. Full details will be announced
shortly.
Further details of Global Technology`s results will be provided in its annual
results on 13 March 2003.
Johannesburg
09 January 2003
Company Secretary
Arcay Client Support (Pty) Ltd
(Registration number 1998/025284/07)
Sponsor To Global Technology Limited
Gensec Bank
Date: 09/01/2003 02:56:02 PM Produced by the JSE SENS Department
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