MICROMEGA - ACQUISITION OF DELTEC POWER DISTRIBUTORS (PROPRIETARY) LIMITED AND

MICROMEGA - ACQUISITION OF DELTEC POWER DISTRIBUTORS (PROPRIETARY) LIMITED AND  
            RENEWAL OF CAUTIONARY ANNOUNCEMENT                                  
MICROmega HOLDINGS LIMITED                                                      
(Incorporated in the Republic of South Africa)                                  
(Registration number 1998/003821/06)                                            
(Share code: MMG ISIN: ZAE000034435)                                            
("Micromega" or "the group")                                                    
ACQUISITION OF DELTEC POWER DISTRIBUTORS (PROPRIETARY) LIMITED ("DELTEC") AND   
RENEWAL OF CAUTIONARY ANNOUNCEMENT                                              
1.   INTRODUCTION                                                               
     Further to the cautionary announcement published on 2 November 2004,       
MICROmega shareholders are advised that MICROmega has entered into an      
     agreement with Lewis Benjamin Leathwhite ("The Seller") on 19 November     
     2004, in terms of which, subject to the fulfilment of the conditions       
     precedent set out below, MICROmega will acquire the entire issued share    
capital of Deltec from the Seller, with effect from 1 October 2004 for a   
     total consideration of R14.8 million as detailed in paragraph 3 ("The      
     Acquisition").                                                             
     Deltec is a company, which carries on the business of importing and selling
electronic products under the Deltec brand.                                
2.   RATIONALE FOR THE ACQUISITION                                              
     The Acquisition of Deltec complements the other agency-based businesses    
     within the group and will be used as a platform to access and deliver other
services and products throughout South Africa.                             
3.   TERMS OF THE ACQUISITION                                                   
     3.1  Acquisition, consideration and settlement terms                       
          The Acquisition consideration of R14.8 million is to be settled in    
cash on 24 November 2004, upon delivery of the share certificates.    
     3.2  Other significant terms                                               
          The Seller has given no significant guarantees or warranties in       
          respect of Deltec, other than that he was the registered beneficial   
owner at the effective date of the transaction and that his interest  
          in Deltec was free of any cession or pledge. The Seller has also      
          warranted that he will cover any further material claims in excess of 
          the effective date liabilities.                                       
4.   CONDITIONS PRECEDENT                                                       
     The implementation of the Acquisition is subject to approval by the JSE    
     Securities Exchange South Africa.                                          
5.   FINANCIAL EFFECTS OF THE ACQUISITION                                       
The table below shows the per share effect of the acquisition of Deltec for
     the 6 months ended 30 June 2004. The pro forma financial effects have been 
     prepared for illustrative purposes only and, because of its nature, may not
     fairly present MICROmega"s financial position at 30 June 2004 or the effect
of future earnings. The financial effects are determined in accordance with
     the Listing Requirements of the JSE.                                       
                                Note   Unaudited    Unaudited    Change (%)     
                                       At           At                          
30 June      30 June                     

                                     2004         2004                          
                                       Before       After                       
                                       (cents)      (cents)                     
Earnings per share         1 & 2  3.53         4.05         14.73%         
     Headline earnings per      3      5.39         6.54         21.34%         
     share                                                                      
     Net asset value per share  4      76.36        79.98        4.74%          
Net tangible asset value   4      67.74        68.24        0.74%          
     per share                                                                  
     Notes:                                                                     
     1.   The figures in the "Before" column were extracted from the published  
unaudited interim results of MICROmega for the six months ended 30    
          June 2004.                                                            
     2.   The earnings per share calculation in the "After" column is based on  
          following assumptions:                                                
*    The acquisition was effective from 1 January 2004;               
          *    MICROmega had a weighted average number of shares of 86 215 229  
               in issue during the period.                                      
     3.   The headline earnings per share calculation in the "After" column is  
based on the same assumptions as the earnings per share calculation,  
          except for the exclusion from headline earnings of amortisation of    
          goodwill.                                                             
     4.   Net asset and net tangible asset value per share are based on the     
following assumptions:                                                
          *    The net asset value attributable to the acquisition of Deltec was
               R2.75 million at 30 June 2004;                                   
          *    The net asset value and net tangible asset value of MICROmega    
reflected on the balance sheet at 30 June 2004 was R67.5 million 

               and R60.07 million respectively; and                             
          *    The net asset value and net tangible asset value in the "After"  
               column assumes the transaction was effective from 1 January 2004.
6.   OTHER MATTERS                                                              
     The articles of Deltec will be amended to comply with the JSE Securities   
     Exchange Listing Requirements.                                             
7.   RENEWAL OF CAUTIONARY ANNOUNCEMENT                                         
Negotiations are in progress, which if successful, could have an influence 
     on the price of MICROmega shares, and shareholders are therefore advised to
     continue to exercise caution when dealing in MICROmega shares.             
Johannesburg                                                                    
23 November 2004                                                                
SPONSOR                                                                         
LPC Manhattan Sponsors (Pty) Limited                                            
Registration number 1999/012479/07                                              
Date: 23/11/2004 04:43:19 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department