MORVEST BUSINESS GROUP LIMITED - Financial effects of the acquisition and withdrawal of cautionary announcement

Financial effects  of the acquisition  and withdrawal of cautionary announcement

MORVEST BUSINESS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 2003/012583/06)
Share code: MOR            ISIN code: ZAE000152567
(“Morvest” or “the Company”)


ACQUISITION OF THE SHARES AND CLAIMS OF THE BUSINESS OF ISOLVE
BUSINESS SOLUTIONS (PTY) LIMITED AND SQLDB TECHNOLOGIES
SOLUTIONS (PTY) LIMITED (“THE TRANSACTION”)
     - FINANCIAL EFFECTS; AND
     - WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT


1. INTRODUCTION AND CONDITIONS PRECEDENT
     Shareholders are referred to the announcement released on SENS
     on 27 February 2013 and are advised that the conditions
     precedent relating to the acquisition by ITQ Business
     Solutions (Pty) Limited, Morvest’s 50% subsidiary, of 60% of
     the shares and claims of the issued share capital of both
     Isolve Business Solutions (Pty) Limited and SQLDB Technology
     Solutions (Pty) Limited from Bhavmon (Pty) Limited have been
     fulfilled as at the date of publication of this announcement.

2. UNAUDITED PRO FORMA FINANCIAL INFORMATION OF THE TRANSACTION
     The financial effects of the transaction are not significant
     (i.e are less than 3%) and are therefore not required to be
     disclosed.

3.  WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
     Shareholders are advised that as the financial effects of
     the   transaction  have now been   disclosed, caution is no
     longer   required to be exercised by shareholders when
     dealing in their securities, therefore the cautionary
     announcement has been withdrawn.


26 March 2013
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)

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