Johannesburg, 12 Jun 2001
Global Technology Limited`s international partner, TEMENOS, has been valued in the preliminary prospectus released today, with an initial public offering price range of CHF25 to CHF29 (CHF = Swiss Francs), per TEMENOS share.
At the current Swiss Franc/US Dollar exchange rate, this translates into a TEMENOS IPO valuation of $720 million to $835 million. As TEMENOS, which forms a substantial part of Global Technology`s net asset value, is currently undergoing a book build exercise, or share marketing roadshow, with major institutions in Europe, the final IPO value will be determined by market demand.
TEMENOS, a leading provider of integrated banking software systems for financial institutions, recently announced its intention to list its shares on the main segment of the Swiss Stock Exchange (SWX).
After TEMENOS` listing is concluded, Global Technology will own 15% of TEMENOS, which translates into a value of between R872 million and R1.011 billion, or between R2.21 and R2.56 per Global Technology share, at the current Swiss Franc/Rand exchange rate of CHF1=R4.496.
Since TEMENOS` intention to list became public knowledge, Global Technology`s share price has risen dramatically, from R1.15 in May before the announcement, to its current value of R1.73.
Ray Leonard, CEO of Global Technology, comments: "Global Technology invested in TEMENOS because of our solid relationship with the company, and because of our deep belief in its underlying value. It is exciting to see that this value is now being realised."
Established in 1993, TEMENOS is headquartered in Geneva, Switzerland. Responding to the globalisation of the banking industry, TEMENOS has a local presence in 18 countries around the world, which has facilitated the implementation and provision of high quality service and effective local support.
Global Technology is the leading supplier of software solutions to the banking, insurance and financial communities in the Southern Hemisphere. ends
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