Altech - Settlement regarding Econet Wireless Global Limited
Allied Technologies Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/020415/06)
(Share code: ALT; ISIN: ZAE000015251)
(`Altech` or `the Company`)
SETTLEMENT REGARDING ECONET WIRELESS GLOBAL LIMITED (`EWG`)
Altech shareholders are referred to the announcement dated 31 August 2005
stating that Altech had entered into a settlement agreement (`the settlement
agreement`) between inter alia Altech and the other shareholders of EWG (`the
TSMI shareholders`).
In terms of the settlement agreement all disputes between Altech and the TSMI
shareholders would be settled, on the basis that Altech would receive a total
cash payment of US$87.5 million in respect of its interests in EWG, which would
be acquired by the TSMI shareholders with effect from 1 September 2005.
Shareholders are now advised that Altech has received payment of the US$87.5
million, together with interest of US$174194.73, as specified in the settlement
agreement.
Accordingly, the settlement agreement has been implemented and Altech has
disposed of its interests in EWG with effect from 1 September 2005. All
disputes and claims between the parties have been settled.
Altech will pursue its existing acquisition and investment strategy, which could
include developing interests in mobile network operating activities in Africa
and elsewhere.
JOHANNESBURG
20 September 2005
A member of the Altron Group
Sponsor - Investec Bank Limited
Date: 20/09/2005 04:00:02 PM
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