| Wed 28 May 2003, 17:50 | | Disposal by Glotec of its remaining interest in Te |
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GLOBAL TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/009809/06)
Share code GLT ISIN ZAE000016820
("Glotec" or "the company")
Disposal by Glotec of its remaining interest in Temenos Group AG ("Temenos")
Further to the cautionary announcement dated 15 May 2003, the board of Glotec
wishes to advise shareholders that the company has disposed of its remaining
interest in Temenos, a global vendor of banking solutions, comprising 4,2
million Temenos shares, for a total net cash consideration of approximately
R51,6 million through the Swiss market to a variety of international
institutions ("the disposal").
The proceeds of the disposal will be used by Glotec to reduce its debt and
restructure its balance sheet.
Financial effects
The table below sets out the illustrative financial effects of the disposal
based on Glotec"s reviewed preliminary financial information for the year ended
31 December 2002.
Before After % change
Attributable loss to shareholders (R000"s)(2) (379 383) (362 317) 4,5%
Loss per share (cents) (88,7) (84,7) 4,5%
Headline loss per share (cents)(2) (55,6) (41,4) 25,5%
Net asset value per share (cents)(3) 8,4 10,5 25,0%
Net tangible asset value (cents)(3) (1,6) 0,5 131,3%
Notes
1. The financial information reflected in the "Before" column, has been
extracted, without adjustment, from the reviewed preliminary financial
statements of Glotec for the year ended 31 December 2002
2. The attributable loss and headline loss per share calculations as reflected
in the "After" column, are based on the assumption that the disposal was
implemented on 1 January 2002 and that it was effective for the full financial
year that ended 31 December 2002.
3. The net asset value and net tangible asset value per share calculations are
based on the assumption that the disposal was implemented as at 31 December
2002. The value of the 4,2 million Temenos shares at this date was R42,2
million.
4. The above financial effects have been calculated on the basis of:
Weighted average number of shares in issue (000"s) 427 930
Number of shares in issue (000"s) 438 805
Shareholder and documentation
In terms of the JSE Listings Requirements, it is necessary for Glotec to
obtain shareholder approval for the disposal. A circular, containing full
details of the disposal and including a notice of general meeting, will be
posted to Glotec shareholders in due course.
Opinions, recommendations and irrevocable undertakings
The board of directors of Glotec is of the opinion that the disposal was
essential in order to reduce due and payable debt and recommend that Glotec
shareholders vote in favour of the requisite resolution to ratify the disposal.
Glotec has obtained irrevocable undertakings from Glotec shareholders, holding
not less than 50% of the entire issued share capital of the company, to vote in
favour of the requisite resolution to ratify the disposal.
Further cautionary announcement
Furthermore, shareholders are advised that the company is still in
discussions that may have a material effect on the price of Glotec"s securities.
Shareholders are therefore advised to exercise caution in dealing in the
company"s securities until a full announcement is made.
By order of the board
Johannesburg
28 May 2003
Sponsor
Gensec Bank Limited
