PCN
PCN
Paracon - Acquisition By Paracon Of The Personnel Concept (Proprietary) Limited
Paracon Holdings Limited
Incorporated in the Republic of South Africa
(Registration Number 1997/008181/06)
Share code: PCN & ISIN: ZAE000029674
("Paracon")
ACQUISITION BY PARACON OF THE PERSONNEL CONCEPT (PROPRIETARY) LIMITED
Shareholders are advised that an agreement has been concluded between Paracon
and The Personnel Concept (Proprietary) Limited ("The Personnel Concept") for
the acquisition by Paracon of 100% of the shares in The Personnel Concept (`the
acquisition") with effect from 1 October 2006.
The Personnel Concept is the sole specialist consultancy in South Africa
focussing on recruitment for the Finance, Information Technology and Engineering
sectors with a 24 year track record. Its established and reputable brand,
supported by a strong management team, has positioned The Personnel Concept as
the market leader in specialised recruitment in South Africa.
Paracon"s core business is the provision of ICT resourcing solutions. Over
recent years, permanent placements have grown exponentially. The acquisition
will consolidate and further boost Paracon"s service offering in this area. In
addition, Paracon will leverage The Personnel Concept"s new markets and skills
bases to access previously untapped opportunities within the existing Paracon
client base. At the same time, Paracon"s recognised and excellent BEE
credentials will enhance The Personnel Concept"s business opportunities within
its existing client base.
The purchase consideration for the acquisition is R29 285 000 and comprises 80%
in cash and the 20% balance by way of issue of 3 764 331 Paracon ordinary shares
at R1.57 per share to the 8 management shareholders. The cash portion has been
funded by existing cash reserves.
By order of the Board
26 October 2006
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 26/10/2006 02:21:21 PM Produced by the JSE SENS Department
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