Idion - Company Announcement
Idion Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013846/06)
Share code: IDI ISIN:ZAE000022513
("Idion")
COMPANY ANNOUNCEMENT
Idion shareholders are advised that the board of directors of Idion ("Idion
board") has been notified by DataMirror Corporation ("DataMirror") that it had
acquired approximately 4 313 000 Idion shares on Friday, 10 October 2003. The
Idion board understands that these shares were acquired at 220 cents per share.
In addition, DataMirror has stated that the aforementioned acquisition taken
together with its purchases of additional Idion shares over the past 12 months
was "rapidly approaching" the 5% level at which a mandatory offer in terms of
the Securities Regulation Code ("mandatory offer") will require to be made.
DataMirror further stated that should the 5% level be reached, "the mandatory
offer to be made (by it) will in all probability include a premium over the
mandatory offer price, should (it) obtain control of Idion as a result of the
level of acceptances under such mandatory offer".
Idion shareholders should note that it is uncertain whether or not DataMirror
will ever attain the 5% level necessary to trigger a mandatory offer. However,
should DataMirror reach the 5% level, DataMirror currently has no legal
obligation to make an offer at a premium to the mandatory offer price and as a
result no certainty can be provided that it will offer such a premium.
The Idion board understands that a further notification ("second notification")
was received from DataMirror by certain employees of Idion and Vision Solutions
Inc., a wholly-owned subsidiary of Idion, who are also shareholders in Idion.
In terms of the second notification, DataMirror stated that it believes that 220
cents per Idion share "is a significant premium to the fair market value ....".
Johannesburg
15 October 2003
Sponsor
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
(Registration number 1970/003711/07)
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