Faritec - Update On The Enterprise Connection (Pty
FRT
FRT
Faritec - Update On The Enterprise Connection (Pty) Ltd Transaction
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec")
UPDATE ON THE ENTERPRISE CONNECTION (PTY) LTD ("ENTERPRISE CONNECTION")
TRANSACTION
Shareholders were previously advised that certain parties ("the applicants") who
contended that they had a claim against Enterprise Connection had obtained an
interim court order ("the interim interdict") interdicting the implementation of
the acquisition by Faritec of Enterprise Connection"s business.
The applicant and Enterprise Connection have concluded a settlement agreement
pursuant to which the interim interdict has been withdrawn and which was made an
order of court on 21 June 2006. Save for the withdrawal of the interim interdict
and the fact that Faritec has agreed to waive any claim for legal costs it may
have against the applicants, the terms of the settlement agreement have no
impact on Faritec or on the Enterprise Connection transaction.
Subject to the requisite approval by Faritec shareholders at the general meeting
to be held at 12:00am on Tuesday, 27 June 2006 at the offices of the company,
Faritec House, 150 Kelvin Drive, Woodmead, Sandton, the Enterprise Connection
transaction will be implemented on or about 30 June 2006.
Woodmead
22 June 2006
Sponsor to Faritec
Java Capital (Proprietary) Limited
Legal advisors to Faritec
Read Hope Phillips Thomas & Cadman Inc
Date: 22/06/2006 03:56:04 PM Produced by the JSE SENS Department
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