Square One - Acquisition and specific issue of sha
SQE
SQE
Square One - Acquisition and specific issue of shares for cash
Square One Solutions Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/026822/06)
Share code: SQE & ISIN: ZAE000023768
("Square One" or "the company")
ACQUISITION BY PROUDAFRIQUE OF A STRATEGIC INTEREST IN SQUARE ONE
SPECIFIC ISSUE OF SHARES FOR CASH TO UTHO
1. Proudafrique investment
Shareholders of Square One are advised that Proudafrique Trading 66 (Pty)
Limited ("Proudafrique") has acquired 6 220 000 Square One shares from GAC
Investment Holdings (Pty) Limited, The Jartay Trust and The James Trust,
representing a strategic interest of 26.2% in Square One.
Proudafrique is a 100% Black-owned company, recently created for the purpose of
entering into this transaction. Square One believes that the following benefits
will flow from having Proudafrique as a significant shareholder in Square One:
* more involved strategic and operational input on business and ICT trends
generally;
* support in building strategic relationships with top-tier corporate
clients;
* compliance with minimum BEE requirements which will enable the Group to
compete effectively for state and parastatal business; and
* assistance with maintaining high corporate governance standards based on
the experience of a strategic partner in other arenas.
2. Specific issue of shares for cash
In a separate transaction, Utho Investment Holding (Pty) Limited ("Utho"), a
100% Black-owned entity, through its wholly-owned subsidiary, Square One
Solutions Group Holdings (Pty) Limited will, subject to obtaining the necessary
shareholder approval, subscribe for 1 428 571 new Square One shares at a price
of 70 cents per share, representing a 5.7% interest in the enlarged issued share
capital.
Utho is a diversified investment holding entity with interests financial
services, ICT and forestry and related services. Utho representatives have been
actively involved with Square One since 2002 and the proposed specific issue of
shares for cash represents the culmination of this relationship. Utho will
continue to assist with the growth of Square One in the areas of strategy,
finance and operations.
Johannesburg
3 February 2006
Sponsor: Bridge Capital Services (Pty) Limited
Date: 03/02/2006 12:00:13 PM Produced by the JSE SENS Department
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