IFC - IFCA Technologies Limited - Further update to the mandatory

IFC - IFCA Technologies Limited - Further update to the mandatory               
offer, disposal of IFCA software (Proprietary) Limited and Acquisition          
of Third Wave diving and travel (Proprietary) Limited                           
IFCA TECHNOLOGIES LIMITED                                                       
Incorporated in the Republic of South Africa                                    
(Registration number 2006/030759/06)                                            
Share code: IFC     ISIN: ZAE000088555                                          
("IFCA" or "the Company")                                                       
FURTHER UPDATE TO THE MANDATORY OFFER, DISPOSAL OF IFCA SOFTWARE                
(PROPRIETARY) LIMITED AND ACQUISITION OF THIRD WAVE DIVING AND TRAVEL           
(PROPRIETARY) LIMITED                                                           
Further to the announcements released on SENS on 5 August 2011 and 21           
September 2011 which set out the details of, inter alia, the IFCA sWare         
Disposal, the Third Wave Acquisition (collectively referred to                  
hereinafter as the "Corporate Actions"), the mandatory offer and the            
OAMM Acquisition, and using the terms defined therein unless otherwise          
stated, shareholders are hereby provided with a further update thereto.         
Shareholders are reminded that, as stated in the announcement dated 21          
September 2011, the OAMM Acquisition is in the process of being                 
restructured and that the revised terms thereof will be announced in            
due course. Accordingly, a resolution seeking shareholder approval for          
the OAMM Acquisition will not be included in the circular to IFCA               
shareholders ("Circular") referred to below.                                    
Shareholders are also advised that the Circular, containing full                
details of, inter alia, the mandatory offer and the Corporate Actions,          
as well as a notice to convene a general meeting of IFCA shareholders           
in order to consider and, if deemed fit to pass, with or without                
modification, the resolutions necessary to approve and implement, inter         
alia, the Corporate Actions, is in the process of being finalised.              
Accordingly, the board of directors of IFCA expect to distribute the            
Circular in due course.                                                         
Shareholders will be kept updated with regards to the expected date of          
distribution of the Circular.                                                   
1 November 2011                                                                 
Designated Adviser                                                              
Merchantec Capital                                                              
Date: 01/11/2011 14:35:07 Supplied by www.sharenet.co.za                     
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