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OLG - Onelogix Group - Disposal Of Interest In 4logix (Proprietary) Limited ONELOGIX GROUP LIMITED (Registration number 1998/004519/06) Share code: OLG ISIN: ZAE000026399 ("the company") DISPOSAL OF INTEREST IN 4LOGIX (PROPRIETARY) LIMITED OneLogix (Proprietary) Limited ("OneLogix"), the operating subsidiary of the company has, as of 17 August 2009, entered into an agreement for the sale of its 51% equity interest in 4Logix (Proprietary) Limited ("4Logix"), comprising the 51 ordinary shares owned in 4Logix and all claims which it has against 4 Logix (the "sale equity"). The sale equity is being sold to Mr JP Cronje ("the purchaser"), who currently owns the remaining shares in 4Logix and is the executive director of 4Logix. The effective date of the disposal will be 1 June 2009, provided that implementation of the disposal remains conditional on the fulfilment of the following conditions: - 4Logix paying to OneLogix a final dividend in an amount of R585 000; and - OneLogix being released from its various obligations in respect of 4Logix comprising a suretyship given in favour of Nedbank Limited, a trading account operated in its name by Transnet and certain guarantees given in favour of Transnet. The purchase price payable by the purchaser to OneLogix for the sale equity is a cash amount of R1 115 000 payable as follows: - R115 000 payable on the implementation date against delivery of the sale equity by OneLogix; and - the balance, in an amount of R1 000 000, payable on or before 31 May 2011. In order to secure payment of the deferred portion of the purchase price, OneLogix has received a pledge of the sale equity from the purchaser and has a call option over the sale equity in terms of which it would be entitled to repurchase the sale equity for an amount equal to the then outstanding portion of the purchase price. In addition, restrictions have been placed on 4Logix in regard to the declaration of dividends prior to the settlement of the deferred portion of the purchase price. The effect of the transaction on the net assets, net tangible assets, earnings per share and headline earnings per share of the company as published for the six month period ended 30 November 2008 are not significant. The decision to dispose of the company`s interest in 4Logix is based on the boards` view that the relatively high revenue low margin businesses conducted by 4Logix and its subsidiary, Gijima Supply Chain Management Services (Proprietary) Limited, offering logistics solutions for the rail of bulk commodities, no longer fit with the group strategy. The proceeds to be received by OneLogix on the disposal of 4Logix will be applied for general business purposes. 21 August 2009 Designated advisor Java Capital (Proprietary) Limited Date: 21/08/2009 15:22:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
