|
JSE
JSE
Sage Group Limited - Tax matters: escrow release and first subsequent payment to
shareholders, and further update
Sage Group Limited
Share Code: SGG
Isin: ZAE000006623
(Incorporated in the Republic of South Africa)
(Registration number 1970/010541/06)
("Sage")
TAX MATTERS: ESCROW RELEASE AND FIRST SUBSEQUENT PAYMENT TO SHAREHOLDERS, AND
FURTHER UPDATE
The former shareholders of Sage ("shareholders") are referred to the previous
announcements made on SENS on 25 August 2005 and 27 March 2006 regarding the tax
matters as described in the Circular to Shareholders dated 8 July 2005 and for
which Escrow accounts totalling R120 million (equivalent to approximately 33
cents per share) have been maintained.
Escrow release and first subsequent payment
In terms of the Escrow agreement, the escrow steering committee is obliged to
semi-annually advise shareholders, by way of a SENS announcement, of progress
made in resolving the escrow tax matters, and as and when a tax matter relating
to a specific Escrow account is finally resolved.
The escrow steering committee is now pleased to advise shareholders that one of
the three tax matters, for which an amount of R20 million was set aside (i.e.
approximately 17% of the total escrow amount), has been resolved and the amount
held in Escrow in respect of that tax matter shall be released in favour of the
eligible shareholders. Accordingly, a payment of 5.77 cents per share
(comprising 5.52 cents per share of capital and 0.25 cents per share of accrued
interest, less the costs incurred in accordance with the provisions of the
Escrow agreement) ("first subsequent payment") will be made to shareholders who
were recorded on 9 September 2005 ("consideration record date") as being
eligible to receive the initial payment of 142 cents per share (paid on 12
September 2005) and possible subsequent payments.
On 31 May 2006, the first subsequent payment is expected to be:
* transferred electronically or posted to certificated shareholders, who were
registered as such on the consideration record date and who have surrendered
their documents of title, failing which payment will take place within five
business days of receipt of their documents of title, and
* credited and updated to the accounts, held at Central Securities Depository
Participants or brokers, of shareholders who held dematerialised shares, and who
were registered as such on the consideration record date.
Further update
Shareholders are further advised that regular meetings are held and
communications exchanged with the South African Revenue Service to finalise the
two remaining unresolved escrow tax matters.
Johannesburg
30 May 2006
Date: 30/05/2006 01:24:15 PM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
