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Dynamic Cables - Settlement Between The Company And Certain Vendors Of
Disputes Relating To Alleged Tainted Shares And Related
Matters
DYNAMIC CABLES RSA LIMITED
Formerly Conlog Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/01807/06)
Share Code DYM
ISIN number ZAE000028270
("Dynamic Cables" or "the company")
ANNOUNCEMENT REGARDING SETTLEMENT BETWEEN THE COMPANY AND CERTAIN VENDORS OF
DISPUTES RELATING TO ALLEGED TAINTED SHARES AND RELATED MATTERS
1. Introduction
Shareholders and members of the public are referred to recent press articles
relating to the alleged involvement of the company, while it was known as Conlog
Holdings Limited (and before the appointment of its current directors) in the
controversial arms procurement programme undertaken by the South African
National Defence Force ("the arms deal"), and previous announcements regarding
litigation between the company and Ian Deetlefs ("Deetlefs"), a former director
of the company, relating to the question of the alleged tainted shares allotted
and issued in the capital of the company.
This announcement is intended to provide further clarity on the state of
disputes regarding the alleged tainted shares and to confirm that the company
was in no way involved in, nor benefited from, the arms deal.
2. Settlement of disputes between the company, Deetlefs and certain vendors
relating to tainted shares
Shareholders are advised that all litigation and disputes between Dynamic Cables
and Deetlefs have been resolved, and that agreements have been reached between
them, and between inter alia, the company and Cape Empowerment Trust Limited
("the Dynamic Cables parties") and Deetlefs, Khangela Trust and the IDT Trust
("the Deetlefs parties"), and between the Dynamic Cables parties and Rubric
Investments Incorporated (`the settlement agreements"). The settlement
agreements resolve all disputes between the parties relating to the acquisition
by the company of shares in Conlog (Proprietary) Limited ("Conlog acquisition")
and the issue of shares in the capital of the company in consideration for such
acquisition.
3. Disputes with remaining vendors still unresolved
Shareholders are further advised that the disputes between the Dynamic Cables
parties and the other vendors to the Conlog acquisition relating to the question
of the alleged tainted shares have yet not been resolved, but that negotiations
with such vendors are ongoing. Shareholders will be advised in due course of the
progress made in this regard. As soon as these disputes are resolved the company
will provide details of the financial effects, if any, on the company of the
settlement agreements and of any agreements that may be concluded in relation to
the other vendors referred to herein.
5. No involvement in arms deal
After full investigations the current directors of the company have been able to
ascertain that neither the company nor any of its subsidiaries was involved in,
or benefited from, the arms deal.
6. Further cautionary
The directors of Dynamic Cables are of the view that, for the time being, the
suspension of the listing of the company"s shares on the JSE Securities Exchange
South Africa ("JSE") should not be lifted,
Shareholders are advised to exercise caution when dealing in their shares until
a further announcement regarding the question of the alleged tainted shares and
the suspension of the listing of the company"s shares on the JSE is made.
Cape Town
22 December 2003
Sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Attorneys
Hofmeyr Herbstein Gihwala Inc.
Date: 22/12/2003 12:04:03 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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