Datatec - Sale Of 55% Stake In Affinity Logic To U
Datatec - Sale Of 55% Stake In Affinity Logic To Ucs Group
Release Date: 17/07/2003 17:48:01 Code(s): DTC
Datatec - SALE OF 55% STAKE IN AFFINITY LOGIC TO UCS GROUP
DATATEC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/005004/06)
(Share code: DTC)
(ISIN: ZAE000017745)
("Datatec" or "the Company")
SALE OF 55% STAKE IN AFFINITY LOGIC TO UCS GROUP
The shareholders of Affinity Logic Holdings (Propriety) Limited ("Affinity"),
have reached agreement for the sale of 100% of Affinity to UCS Group Limited
("UCS"). Datatec currently holds 55% of the issued share capital of Affinity.
Datatec"s share of the purchase consideration will be R19,3 million in cash.
The transaction is subject to fulfilment of the following conditions precedent:
the approval of the listing of new UCS ordinary shares by JSE Securities
Exchange South Africa;
the approval by UCS ordinary shareholders of the proposed acquisition in general
meeting;
the approval of the proposed acquisition by the Competition Commission; and
the settlement by Affinity of the vendors" loan accounts.
For further details shareholders are referred to the detailed announcement made
by UCS (JSE: UCS) released on SENS on 17 July 2003.
The disposal of Datatec"s shareholding in Affinity is in line with Datatec"s
previously stated strategic intent to focus on its core businesses.
Further to the cautionary announcement renewed on 2 July 2003, Datatec
shareholders are advised that negotiations are still in progress. Accordingly
Datatec shareholders are advised to continue to exercise caution when dealing in
the Company"s shares until a further announcement is made.
Sandton
17 July 2003
Sponsor
Rand Merchant Bank Corporate Finance
A division of FirstRand Bank Limited
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