Prism - Update on Altech and Net1 intentions to ma
PIM
PIM
Prism - Update on Altech and Net1 intentions to make cash offers
Prism Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1998/018949/06
Share code: PIM
ISIN: ZAE000022257
("Prism")
UPDATE ON ALTECH AND NET1 INTENTIONS TO MAKE CASH OFFERS TO ACQUIRE THE ENTIRE
ISSUED SHARE CAPITAL OF PRISM
1. WITHDRAWAL OF ALTECH FROM OFFER PROCESS
Further to the announcement dated 27 February 2006, shareholders are advised
that Allied Technologies Limited ("Altech") has notified the Prism board of
directors that Altech will not proceed with its firm intention to make an offer
to acquire the entire issued share capital of Prism. Altech"s decision followed
the announcement on 3 March 2006 that Net1 Applied Technologies South Africa
Limited ("Net1") had agreed to increase the consideration payable in terms of
its intention to acquire the entire issued share capital of Prism, to R1,16 per
Prism share (the "Net1 offer").
2. STATUS OF THE NET1 OFFER
The conditions to the posting of the Net1 offer have been fulfilled.
A circular containing full details of the Net1 offer, including the scheme
documentation, will be posted to Prism shareholders by 2 April 2006.
3. FURTHER ANNOUNCEMENTS
Further announcements pertaining to the Net1 offer, including the salient dates
of the Net1 offer will be published on the Securities Exchange News Service of
the JSE Limited and in the press in due course.
Johannesburg
13 March 2006
Corporate advisor, legal advisor and transaction sponsor to Prism
Java Capital (Proprietary) Limited
Sponsor to Prism
Standard Bank
Date: 13/03/2006 04:10:52 PM Produced by the JSE SENS Department
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