Jse Securities Exchange South Africa - Sale By Elexir Technology Holdings
Limited (`Elexir`) Of Certain Assets
SALE BY ELEXIR TECHNOLOGY HOLDINGS LIMITED (`ELEXIR`) OF CERTAIN ASSETS
In terms of the Listings Requirements (`the Listings Requirements`) of the JSE
Securities Exchange South Africa (`JSE`), under certain circumstances listed
companies are required to obtain shareholder approval when entering into
agreements with related parties.
The agreement which became effective on 1 January 2004 for the sale by Elexir
Computer Services (Pty) Limited, a wholly owned subsidiary of Elexir, of a
business unit and other assets to Securicom IT Solutions CC. for a cash
consideration of R1 315 790 was a related party transaction as defined in the
Listings Requirements.
Elexir only obtained shareholder approval for this transaction at a general
meeting on 28 February 2005 although the transaction had already been executed.
Accordingly the JSE believes Elexir should be publicly censured for this
transgression of the Listings Requirements.
25 April 2005
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