Micromega - Proposed Specific Share Repurchase

Micromega - Proposed Specific Share Repurchase                                  
MICROmega HOLDINGS LIMITED                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/003821/06)                                            
(Share code: MMG         ISIN: ZAE000034435                                     
("Micromega" or "the Company")                                                  
PROPOSED SPECIFIC SHARE REPURCHASE                                              
INTRODUCTION AND BACKGROUND                                                     
Consolidated African Technologies (Proprietary) Limited ("CAT") was acquired on 
1 January 2001. It was the intention of CAT to generate sustainable income and  
in addition create a platform for an integrated revenue management business     
within the MICROmega group of companies.                                        
During the year (2002) it became evident that CAT would not meet its profit     
levels as it achieved in the financial year 2001. In terms of the original      
agreement this would prevent the release of shares in accordance with the profit
warranty. In addition the ability to leverage the CAT business into a fully     
integrated revenue management business that provides both elementary revenue    
management services and risk management services had not been achieved.         
In the aforementioned context both the original vendor of CAT, Nagle, and       
MICROmega have reached an agreement that the original intentions have not been  
achieved. An agreement was reached whereby the vendor of CAT offered to buyback 
the operating activities of CAT in return for the shares and dividend received  
from MICROmega.                                                                 
The 747 463 shares of 1 cent each which were issued at a premium of R3.79 on 8  
April 2002 to the vendor of CAT will be returned at the original issue price of 
R3.80.                                                                          
CONDITIONS PRECEDENT                                                            
The specific share repurchase is subject to the passing of the requisite        
resolution by MICROmega shareholders in general meeting, in accordance with the 
JSE Securities Exchange South Africa ("JSE") Listings Requirements and the Act. 
SALIENT DATES RELATING TO THE SPECIFIC REPURCHASE                               
2003                        

  Last day for receipt of proxy forms (by 14:00)    Tuesday, 23 September       
  Shareholders meeting to be held at 14:00          Friday, 26 September        
  Results of the annual general meeting published   Friday, 26 September        
on SENS                                                                       
  Results of the annual general meeting published   Monday, 29 September        
  in the press                                                                  
  Application to the JSE to cancel shares           Monday, 29 September        
Cancellation of 747 463 ordinary shares           Tuesday, 30 September       
FINANCIAL EFFECTS OF THE PROPOSED SPECIFIC REPURCHASE                           
    Financial Ratios                     Before     After     Change            
                                                              (%)               
Headline earnings per share (cents)  18.46      18.62     0.87%             
    Earnings/(loss) per share (cents)    (29.00)    (29.26)   0.90%             
    Net asset value per share (cents)    72.19      72.82     0.87%             
    Net tangible assets per share        12.26      12.37     0.90%             
(cents)                                                                     
ANNUAL GENERAL MEETING                                                          
The 2002 Annual Report setting out, inter alia, details of the specific share   
repurchase and including a notice of the annual general meeting and form of     
proxy, has been posted to shareholders today.                                   
Johannesburg                                                                    
22 July 2003                                                                    
SPONSOR                                                                         
LPC Manhattan Sponsors (Pty) Limited                                            
Registration number 1999/012479/07                                              
Date: 22/07/2003 12:23:06 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department