The shareholders of Affinity Logic Holdings (Propriety) Limited have reached agreement for the sale of 100% of Affinity to UCS Group Limited. Datatec currently holds 55% of the issued share capital of Affinity.
Datatec`s share of the purchase consideration will be R19.3 million in cash.
The transaction is subject to fulfilment of the following conditions precedent:
1. The approval of the listing of new UCS ordinary shares by JSE Securities Exchange South Africa;
2. The approval by UCS ordinary shareholders of the proposed acquisition in general meeting;
3. The approval of the proposed acquisition by the Competition Commission; and
4. The settlement by Affinity of the vendors` loan accounts.
For further details, shareholders are referred to the detailed announcement made by UCS (JSE: UCS) released on SENS on 17 July 2003.
The disposal of Datatec`s shareholding in Affinity is in line with Datatec`s previously stated strategic intent to focus on its core businesses.
Further to the cautionary announcement renewed on 2 July 2003, Datatec shareholders are advised that negotiations are still in progress. Accordingly, Datatec shareholders are advised to continue to exercise caution when dealing in the company`s shares until a further announcement is made.
Share
Editorial contacts