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GLOBAL TECHNOLOGY LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1996/009809/06)
("Glotec" or "the Company")
Share code GLT
ISIN ZAE000016820
ANNOUNCEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
The board of Glotec wishes to advise shareholders of the following developments
and actions:
GLOBAL TECHNOLOGY AUSTRALASIA LIMITED
An announcement appeared on the electronic news service of the Australian Stock
Exchange on 22 May 2003 pursuant to which, inter alia, it was announced that
Glotec had agreed to dispose of its entire interest in its subsidiary Global
Technology Australasia Limited ("GLA") and that Raymond Leonard had resigned as
a director of GLA. The Glotec board did not approve this announcement.
This reported disposal of Glotec"s entire interest in GLA is a matter of dispute
and forms the subject matter of litigation proceedings instituted against
Glotec. The directors of Glotec are of the opinion that the claim will be
successfully defended and Glotec"s attorneys are opposing the claim. The matter
is sub judicae at present.
RESIGNATION OF CHIEF EXECUTIVE OFFICER
Raymond Leonard has resigned as Chief Executive Officer ("CEO") of Glotec with
immediate effect. Raymond Leonard will remain on the Glotec board as a non-
executive director.
APPOINTMENT OF NEW CHIEF EXECUTIVE OFFICER
Graeme Alvan Victor has been appointed as a director and the new CEO of Glotec
with immediate effect. Graeme Victor has a wealth of experience in the
information technology industry having served as the previous CEO of Tiscali
(Proprietary) Limited trading as "World Online". He also served as an executive
director of Vodacom Group (Proprietary) Limited.
DISPOSAL OF BANKING DIVISION
As part of the consolidation and restructuring of Glotec, the Board of Glotec
has decided that it will be beneficial and necessary for the Company to dispose
of its interests in the Banking division and certain parts of the Professional
Solutions division ("Banking division"). This will allow the Company to focus on
and further enhance its market position in the areas of Business Intelligence,
Insurance Systems and the remaining part of Professional Solutions, being the
area of Manufacturing and Distribution Systems.
Glotec has received an indicative offer from a consortium led by the former CEO
Mr Raymond Leonard to acquire the Banking division("the proposed transaction").
Negotiations are proceeding regarding the proposed transaction and will be
subject to, inter alia, the following conditions:
The conclusion of a written sale agreement;
The Glotec board obtaining independent advice regarding the fair and
reasonableness of the terms and conditions of the proposed transaction;
Glotec board approval of the final terms and conditions of the proposed
transaction;
Glotec shareholder approval to the extent required;
JSE Securities Exchange SA ("JSE") and other regulatory approvals to the extent
required.
Further details relating to the proposed transaction will be announced in due
course.
FURTHER CAUTIONARY ANNOUNCEMENT
Glotec is still in discussions that may have a material effect on the price of
its securities. Shareholders are therefore advised to continue exercising
caution in dealing in the Company"s securities until a further announcement is
made.
By order of the Board
Johannesburg
23 June 2003
Sponsor
Gensec Bank Limited
Attorneys
Werksmans
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