Excellerate - Further Announcement: Akenton as a B
EXL
EXL
Excellerate - Further Announcement: Akenton as a BEE Shareholder and Cautionary
EXCELLERATE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/009884/06)
Share code: EXL & ISIN: ZAE000026092
("Excellerate" or "the Company")
FURTHER ANNOUNCEMENT REGARDING THE INTRODUCTION OF AKENTON SERVICES
(PROPRIETARY) LIMITED ("AKENTON") AS A BLACK ECONOMIC EMPOWERMENT ("BEE")
SHAREHOLDER IN EXCELLERATE AND CAUTIONARY ANNOUNCEMENT
Introduction
Shareholders are referred to the announcement dated 19 May in which they were
advised that Excellerate had concluded agreements dated 18 May 2006 providing
for two transactions with Akenton in terms of which Akenton would be introduced
as a 25% BEE shareholder in the Excellerate group ("the transactions").
Revision of the terms and conditions of the transactions
In assessing the terms and conditions of the transactions in the light of the
latest financial information available to the Excellerate Board ("the Board"),
the Board has determined that the terms and conditions of the transactions need
to be revised by considerably increasing the total enterprise value attributable
to Excellerate"s operating subsidiaries. The terms and conditions of the
transactions are, therefore, to be re-negotiated with Akenton.
Cautionary announcement
As a consequence of the above, Excellerate shareholders are advised to exercise
caution when dealing in the Company"s securities until a further announcement is
made.
Sandton
11 August 2006
Investment bank and sponsor
Nedbank Capital
Independent expert
Grant Thornton Corporate Finance
Legal advisors
Werksmans Inc.
Date: 11/08/2006 03:50:42 PM Produced by the JSE SENS Department
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