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4SIGHT HOLDINGS LIMITED - Issue of shares for profit warranties

Release Date: 28/05/2019 17:39
Code(s): 4SI     PDF:  
 
Wrap Text
Issue of shares for profit warranties

4SIGHT HOLDINGS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: C148335 C1/GBL)
(“4Sight” or “the Company”)
ISIN Code: MU0557S00001 JSE Code: 4SI


ISSUE OF SHARES FOR PROFIT WARRANTIES


Shareholders are referred to the announcements issued on 5, 17 and 25 April 2018
respectively wherein the Company entered into Sale of Shares and Sale Claims Agreements
(“the Agreement”) for the purchase of AccTech Systems Proprietary Limited (“AccTech”),
Dynamics Africa Proprietary Limited (“Dynamics”) and Simulation Engineering Technologies
Proprietary Limited (“SET”), which acquisitions included profit warranties.

Shareholders are also referred to the results announcement, which was published on SENS
on 29 March 2019, where it was advised that the profit warranties had been achieved.

AccTech and Dynamics
The auditor had confirmed that the Net Profit After Tax achievement (“NPAT”) was within
the 10% range of R25 920 000. Accordingly, the Company has approved the issue of
203 998 368 shares to the former shareholders of AccTech and Dynamics calculated on the
purchase price of R50 000 000 divided by 24.51 cents.

SET
The auditor has confirmed that the NPAT achieved of R9 238 327 was in accordance with
the terms of the SET acquisition agreement. Accordingly, the Company has issued
89 817 063 shares to the former shareholders of SET at 28.80 cents being a purchase
consideration of R25.87 million.

Mauritius
28 May 2019

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 28/05/2019 05:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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