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Idion Technology Holdings Limited - Idion Announces New Strategic Investors
Release Date: 14/05/2004 13:25:01 Code(s): IDI
IDION Technology Holdings Limited - IDION Announces New Strategic Investors
IDION Technology Holdings Limited
(Registration Number: 1998/013846/06)
Share Code: IDI ISIN Code: ZAE000022513
("IDION" or "the Company")
IDION ANNOUNCES NEW STRATEGIC INVESTORS
IDION Technology Holdings Limited ("IDION" or "the Company") announced today
that VenFin Limited ("VenFin") and an institutional investor have acquired the
shares in IDION, parent company of Vision Solutions Inc ("Vision"), from
DataMirror Corporation ("DataMirror"). DataMirror sold out its entire
shareholding more than two years after first launching a hostile takeover bid
for the Company.
"We welcome this investment in IDION", said Nicolaas Vlok, Managing Director of
IDION. "With strategic partners who share our vision, we now have the capacity
and flexibility to continue execution of the business plan put in place several
years ago and become the dominant player in multi-platform Managed Availability.
Continued Vlok, "The employees and business partners of IDION have worked hard
and remained committed in the face of a disruptive competing shareholder, to
stay focused and build the value of the Company". He further said that IDION
successfully strengthened its five pillars of inherent value during the past two
years: "Cash reserves, working capital and cash generation from operations have
increased markedly. Our large global client base has continued to increase on
the back of a growing base of global channel partners and management has
consistently proven their commitment, not least by ensuring that IDION"s leading
edge technology and world-class intellectual capital have been translated into
products that are more competitive in the market place than ever before."
Following the investment in IDION, VenFin"s shareholding increases from 6.0% to
approximately 34.9%. Management"s stake remains unchanged at approximately
40.0%.
"VenFin looks to be a long-term investor in innovative, high quality businesses
that have potential as significant global players," commented Dillie Malherbe,
CEO of VenFin. "We have been an investor in IDION for nearly two years and have
been impressed with its strategic direction, management and market success. We
believe this investment is strategic to our portfolio and see it as an
opportunity to add value and resources for IDION to grow significantly over the
next several years."
Vlok said that he is proud of the way in which IDION conducted itself: "I
sincerely thank the customers and channel partners whose support never wavered,
shareholders who steadfastly remained committed to IDION"s strategy and
management, the IDION Board for constantly acting in the true interest of all
shareholders and our management and employees who continued to be superbly
focused on delivering results. This is a good day."
About VenFin
VenFin is an investment holding company focusing on telecommunication,
technology and media businesses. The group actively manages its investments
through regular dialogue with other shareholders, directors and management with
a team that is particularly strong in financial discipline and in understanding
and protecting intellectual property rights, and this focus underpins the
investment process. VenFin seeks to monitor and add value to its investments by
providing strategic input through board representation and shareholding
agreements.
About IDION
IDION is an investment holding company listed on the Main Board of the JSE
Securities Exchange South Africa. Through its wholly owned subsidiary, Vision
Solutions, it provides solutions for assuring the availability of a company"s
mission-critical applications and data. For more information on IDION, please
visit the Company"s website at www.idion.com
For further information, please contact Claire Lotter at 082 829 5739
14 May 2004
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