Faritec - Update on the Enterprise Connection tran
FRT
FRT
Faritec - Update on the Enterprise Connection transaction and cautionary
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec")
UPDATE ON THE ENTERPRISE CONNECTION (PROPRIETARY) LIMITED ("ENTERPRISE
CONNECTION") TRANSACTION AND CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous announcements in relation to the
proposed acquisition of the business of Enterprise Connection as a going concern
("the acquisition") and are advised that certain parties ("the applicants"),
which contend that they have a claim against Enterprise Connection, have
obtained an interim court order which, amongst other things, interdicts the
implementation of the acquisition until 30 May 2006 ("the return date"), on
which date the interim order will either be confirmed or set aside.
Any claims which the applicants may have against Enterprise Connection would not
form part of the business being acquired by Faritec pursuant to the acquisition.
Enterprise Connection has advised Faritec that it is confident that the interim
order will be set aside on or before the return date.
The acquisition is still subject to certain conditions precedent including the
approval of the competition authorities and Faritec"s shareholders. In this
regard Faritec is finalising the circular to shareholders which it anticipates
will be posted within the next two weeks.
Faritec will keep shareholders updated about developments in relation to the
acquisition and the proceedings brought by the applicants, and shareholders are
advised to exercise caution when dealing in Faritec shares until a further
announcement is made.
Woodmead
20 April 2006
Sponsor to Faritec
Java Capital (Proprietary) Limited
Attorneys to Faritec
Read Hope Phillips
Date: 20/04/2006 05:05:08 PM Produced by the JSE SENS Department
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