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Reunert Limited - Proposed Acquisition Of CS Computer Services Holdings
Reunert Limited
(Incorporated in the Republic of South Africa)
(Registration number 1913/004355/06)
ISIN: ZAE000005914
JSE Share Code: RLO
("Reunert")
PROPOSED ACQUISITION OF CS COMPUTER SERVICES HOLDINGS
Reunert shareholders are referred to the trading statement and cautionary
announcement issued today by CS Computer Services Holdings ("CSH"). Reunert has
entered into discussions regarding a potential offer for the shares in or all
the assets and liabilities of CSH for an effective cash consideration of 35
cents per CSH share.
Gerrit Pretorius, Reunert Chief Executive commented: "Reunert is a significant
minority shareholder in CSH. We invested in CSH because we believed that the
business, in the right environment, could prosper. That environment is now
absent for various reasons. Accusations and allegations of wrongdoing and
unethical business practices have been made. Significant write downs and
adjustments to the accounts are anticipated.
"On a positive note, Reunert is impressed by the skills and motivation of the
staff. We have not come across a single customer that complained about
operational execution. For that reason Reunert is anxious to ensure that the
business of CSH will strengthen and prosper. To achieve that in a listed
environment, given the current situation, will be difficult.
"Worldwide as CSH"s BEE partner fulfils an important role and should continue to
do so in future. Reunert therefore proposes that the intended offer excludes
Worldwide."
An independent advisor will be appointed by CSH, following receipt of a firm
offer from Reunert, to recommend whether the transaction is fair and reasonable
to minority shareholders. Pretorius added, "Shareholders should bear in mind
that, in the event that Reunert does not make an offer, they may get a lot
less."
He concluded: "I am hopeful that Reunert will soon be in a position to make a
firm offer, subject to the conclusion of legal agreements between Reunert,
Worldwide and CSH".
Sandton
April 28, 2004
Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Enquiries:
Reunert +27 11 517 9000
Gerrit Pretorius, Chief Executive +27 11 517 9042
Carina de Klerk, Communications Manager +27 11 517 9033
College Hill +27 11 447 3030
Johannes van Niekerk +27 82 921 9110
Angela Parr +27 83 578 3885
Date: 28/04/2004 04:45:03 PM Produced by the JSE SENS Department
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