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CS COMPUTER SERVICES HOLDINGS LIMITED - ACQUISITION BY REUNERT LIMITED OF A
31.7% EQUITY STAKE IN CS HOLDINGS LIMITED
CS COMPUTER SERVICES HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1996/013151/06)
Share Code: CSH
ISIN: ZAE 000022034
("CS Holdings" or the "Company")
REUNERT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1913/004355/06)
Share Code: RLO
ISIN: ZAE000005914
ACQUISITION BY REUNERT LIMITED OF A 31.7% EQUITY STAKE IN CS HOLDINGS LIMITED
Reunert and CS Holdings today made a joint announcement on the acquisition of a
31,7% stake in CS Holdings by Reunert.
Reunert Limited ("Reunert") has acquired the equity stakes held by Getronics NV
("Getronics") and Electra Share Ventures (Pty) Ltd ("Electra") in CS Holdings.
Electra"s investment was managed by the private equity operation of Genbel
Securities Limited ("Gensec"). Reunert acquired 40 million CS Holdings shares
from Getronics and 37.7 million CS Holdings shares from Gensec at a price of 55
cents per share. The deal is effective immediately.
Getronics acquired the CS Holdings shares in 2001 as part of the sale of
Getronics South Africa (Pty) Ltd to CS Holdings. Getronics is in the process of
consolidation on an international basis by divesting from its non-core assets.
The investment in CS Holdings was regarded as too small to be strategic, however
the strategic alliance agreement between Getronics and CS Holdings is not
affected by this sale and will remain in force.
Gensec is currently closing its private equity operation and divested from CS
Holdings as part of this process. The investment has been managed since 1997.
Commenting on the transaction, Gerrit Pretorius, CEO of Reunert said:
"Opportunities like this seldom come about. CS Holdings operates in the same
client sphere as other Reunert companies like Nashua. As a consequence, more
products and services will be offered to existing and new customers."
Annette van der Laan, CEO of CS Holdings stated: "CS Holdings has managed to
successfully replace two major shareholders in the company with a strategic and
powerful industry player. CS Holdings looks forward to unlocking value from a
number of synergies and opportunities within the Reunert Group of companies as
well as its customer base, which will be to the benefit of both Reunert and CS
Holdings".
As a result of the transactions, Axel Ruckert (Getronics NV) and Steve Muller
(Gensec) will resign as non-executive directors from the board of CS Holdings
and two directors of Reunert will be appointed in their stead. Anton Botha and
Theo Bohlmann, both independent non-executive directors, also resigned and will
be replaced in due course with independent non-executive directors.
Johannesburg
16 October 2003
Sponsor to CS Holdings:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Sponsor to Reunert:
Rand Merchant Bank (a division of FirstRand Bank Limited)
Corporate Finance
Date: 16/10/2003 02:00:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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