Altron - Acquisition Of A Further 7.6% Of The Issued Share Capital In Allied
Technologies Limited
Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
(Share Code: ATN) (ISIN Number: ZAE000029658)
(Share Code: ATNP) (ISIN: ZAE000029669)
(`Altron`)
ACQUISITION OF A FURTHER 7.6% OF THE ISSUED SHARE CAPITAL IN ALLIED TECHNOLOGIES
LIMITED (`ALTECH`)
Introduction
Altron shareholders are advised that Altron has acquired a further 7.6% of the
issued share capital in Altech, on the open market on 20 May 2004. Altron
acquired 8 048 242 ordinary shares at a price of R31.80 per share, amounting to
a total cash consideration of R255 934 096 (`the acquisition`).
The acquisition was funded from Altron`s available cash resources.
Nature of business of Altech
Altech is a high technology telecommunications, multi-media and information
technology
(`TMT`) solutions group, focused on providing value added products, services and
solutions through the convergence of TMT, driven by market demand.
Rationale for the acquisition
The Altron Group currently holds 53.4% of the equity of Altech. Given the
group`s substantial cash resources, the directors were of the opinion that this
represented an opportunity to invest further in a core business activity.
Financial effects
Based on the consolidated reviewed results of Altron for the year ended 29
February 2004, the pro forma financial effects of the acquisition on Altron`s
earnings, headline earnings, net asset value (`NAV`) and tangible NAV per share
were not material.
Johannesburg
20 May 2004
Joint sponsors
Cazenove South Africa
Nedbank Capital
Date: 20/05/2004 03:46:03 PM Produced by the JSE SENS Department
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