Ast - Sale Of Business And Design Software (pty) L
AST - SALE OF BUSINESS AND DESIGN SOFTWARE (PTY) LIMITED ("BDS")
AST GROUP LIMITED
("AST")
(Incorporated in the Republic of South Africa)
(Registration number 1998/021790/06)
(Share code: AAA)
(ISIN: ZAE000027397)
SALE OF BUSINESS AND DESIGN SOFTWARE (PTY) LIMITED ("BDS")
AST has concluded an agreement to dispose of the business of BDS as a going
concern to National Golf Network (Pty) Limited for a gross consideration of
R9.43 million consisting of a cash consideration of R8.7 million and a transfer
of debt of R0.73 million. BDS provides and runs the National Handicap Network
used by golfers and various other computerised solutions and services to golf
clubs in South Africa.
AST advised in the announcement of the interim results on 27 March 2003, that it
had defined which of its businesses were non-core and that it was in the process
of closing or disposing of those businesses. BDS was identified as non-core,
although profitable and AST sought to dispose of the business as a going
concern. The acquisition by National Golf Network of BDS ensures the continuity
of the Handicap Network and all other services. Mr Paul Smulders will remain as
Managing Director of National Golf Network.
The cash portion of the disposal proceeds of R8.7 million will be used by AST
for general corporate purposes. The effects of the disposal of BDS on the
earnings per share and net asset value of AST are immaterial.
8 April 2003
Sponsor
Cazenove
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