| Thu 23 Dec 2004, 16:52 | | CLOSING OF PUBLIC OFFERING |
|
Uniserv - Plan of Merger
UNITED SERVICE TECHNOLOGIES LIMITED
(Incorporated in the British Virgin Islands)
(International Business Company number 3896)
Share code: USV
ISIN ZAE000012431
(`Uniserv`)
Uniserv has as its only investment a 30.3% interest in UTi Worldwide Inc.
(`UTi`), a global supply chain solution provider, which is listed on the Nasdaq
under the symbol UTIW. An announcement by UTi was released on Nasdaq on
Wednesday, 22 December 2004. The full text of this announcement is reproduced
below:
Contacts:
Lawrence R. Samuels Cecilia Wilkinson/Angie Yang
Senior Vice President, Chief Financial Officer PondelWilkinson Inc.
UTi Worldwide Inc. 310.279.5980
310.604.3311 investor@pondel.com
UTi WORLDWIDE ANNOUNCES CLOSING OF PUBLIC OFFERING OF SHARES FOR UNISERV`S
MONETIZATION TRANSACTIONS AND EXERCISE OF OVER-ALLOTMENT OPTION
Rancho Dominguez, California - December 22, 2004 - UTi Worldwide Inc. (NASDAQ
NM: UTIW) (`UTi Worldwide`), an international, non-asset based global integrated
logistics company, announced today the closing of its previously announced
underwritten offering of UTi Worldwide ordinary shares in connection with
monetization transactions being conducted by United Service Technologies Limited
(`Uniserv`), UTi Worldwide`s largest shareholder. A total of 6,604,000 UTi
Worldwide ordinary shares were sold pursuant to the underwritten offering,
including 861,000 ordinary shares pursuant to the exercise by the underwriters
of the over-allotment option. UTi Worldwide did not receive any proceeds from
the sale of the shares by the sellers, nor did UTi Worldwide issue any new
ordinary shares in connection with the offering.
In connection with the underwritten offering, affiliates of the underwriters
borrowed 6,604,000 ordinary shares from UTi Worldwide shareholders (of which
4,383,057 ordinary shares were borrowed from affiliated lenders) and then sold
those shares through the underwriters in the underwritten offering.
Following the underwritten offering, the affiliates of the underwriters expect
to offer up to 1,009,000 additional ordinary shares in connection with the
monetization transactions since the over-allotment option was exercised in full.
These additional shares will not be part of the underwritten offering but have
been registered with the Securities and Exchange Commission. Over the same
period when those affiliates sell the additional shares, they or their
affiliates expect to purchase an equal number of ordinary shares in the open
market.
This news release shall not constitute an offer to sell or the solicitation of
any offer to buy, nor shall there be any sale of the ordinary shares in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of
any such state or jurisdiction. Copies of the prospectus supplement and
prospectus relating to the underwritten offering can be obtained from Bear,
Stearns & Co. Inc., 383 Madison Avenue, New York, New York 10179, and from
Credit Suisse First Boston LLC, Prospectus Department, One Madison Avenue, Level
1B, New York, NY 10010, or by faxing a request to 212-325-8057.
Corporate Advisor and Transactional Sponsor
NEDBANK CAPITAL
Date: 23/12/2004 04:49:03 PM
Produced by the JSE SENS Department
