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ONELOGIX GROUP LIMITED - Fairness opinion in respect of an acquisition of additional shares from a related party and withdrawal of cautionary

Release Date: 27/05/2014 09:15
Code(s): OLG     PDF:  
Wrap Text
Fairness opinion in respect of an acquisition of additional shares from a related party and withdrawal of cautionary

ONELOGIX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/004519/06)
JSE share code: OLG ISIN: ZAE000026399
(“OLG”)


FAIRNESS OPINION IN RESPECT OF AN AQCUISTION OF ADDITIONAL SHARES FROM A RELATED PARTY AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT


INTRODUCTION

Shareholders are referred to the cautionary announcement released on SENS on 23 April 2014, in which
shareholders were advised that OLG, through a wholly owned subsidiary, OneLogix Proprietary Limited,
had concluded an agreement with Robert Ian Lockett (the “seller”) to acquire the seller’s shareholding
(10%) in and claims against OneLogix Projex Proprietary Limited (“OneLogix Projex”) for a purchase
consideration of R7 500 000 (the “transaction”).

This announcement is in respect of the fairness opinion of the transaction.

FAIRNESS OPINION

As OLG currently owns 90% of OneLogix Projex and the seller is a director and shareholder of OneLogix
Projex, the transaction constitutes a small related party transaction in terms of section 10.7 of the JSE
Listings Requirements. A small related party transaction is not subject to shareholder approval, provided that
an independent expert has confirmed that the terms of the transaction are fair as far as shareholders are
concerned.

Merchantec Proprietary Limited (“Merchantec Capital”), who were appointed as the independent expert by
OLG, have concluded that the terms of the transaction are fair to OLG shareholders. A copy of Merchantec
Capital’s report will be available for inspection at the offices of OLG (46 Tulbagh Road, Pomona, Kempton
Park, 1620) for a period of 28 days from the date of this announcement.

CONDITIONS PRECEDENT

Shareholders are advised that all conditions precedent have been fulfilled and the transaction is now
unconditional.

WITHDRAWAL OF CAUTIONARY

Caution is no longer required to be exercised by OLG shareholders in respect of this transaction.

27 May 2014


Corporate advisor and sponsor                           
Java Capital


Independent expert
Merchantec Capital

Date: 27/05/2014 09:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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