Altech`s investment in Econet Wireless Global Limited
ALLIED TECHNOLOGIES LIMITED
Registered in the Republic of South Africa
(Reg. no: 1946/020415/06)
Share code: ALT
ISIN code: ZAE000015251
(`Altech` or `the company`)
ALTECH`S INVESTMENT IN ECONET WIRELESS GLOBAL LIMITED (`EWG`)
Shareholders are referred to the announcement released by Altech on
25 November 2004 regarding the company`s investment in EWG (to be renamed `AEW
Limited`).
Pursuant to a decision by Altech directors on 3 August 2005, Altech has in terms
of section 179 of the Companies Act, CAP 42.01, Botswana (`the Act`), launched
an application in the High Court of Botswana (`the High Court`) for the winding
up of EWG on a just and equitable basis.
The reason for the application is that the relationship between Altech and the
other shareholders of EWG (`TSMI shareholders`) has irretrievably broken down,
which has resulted in EWG being unable to conduct its business in the manner
contemplated by EWG`s shareholders.
Shareholders are further advised that in the event that the High Court refuses
to grant an order to wind up EWG, on the basis that this would unfairly
prejudice the shareholders of EWG, Altech has also applied to the High Court, in
terms of section 169 of the Act, for alternative relief that an order be granted
to the effect that Altech will either acquire from or dispose of its investment
in EWG to the TSMI shareholders for a consideration of USD100 million, subject
to the approval of the High Court.
A further detailed announcement will be made to shareholders at such time that
an order is made by the High Court.
Johannesburg
4 August 2005
Sponsor:
Investec Bank Limited
Date: 04/08/2005 02:30:02 PM
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