Issue of shares for profit warranties
4SIGHT HOLDINGS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: C148335 C1/GBL)
("4Sight" or "the Company")
ISIN Code: MU0557S00001 JSE Code: 4SI
ISSUE OF SHARES FOR PROFIT WARRANTIES
Shareholders are referred to the announcements issued on 5, 17 and 25 April 2018
respectively wherein the Company entered into Sale of Shares and Sale Claims Agreements
("the Agreement") for the purchase of AccTech Systems Proprietary Limited ("AccTech"),
Dynamics Africa Proprietary Limited ("Dynamics") and Simulation Engineering Technologies
Proprietary Limited ("SET"), which acquisitions included profit warranties.
Shareholders are also referred to the results announcement, which was published on SENS
on 29 March 2019, where it was advised that the profit warranties had been achieved.
AccTech and Dynamics
The auditor had confirmed that the Net Profit After Tax achievement ("NPAT") was within
the 10% range of R25 920 000. Accordingly, the Company has approved the issue of
203 998 368 shares to the former shareholders of AccTech and Dynamics calculated on the
purchase price of R50 000 000 divided by 24.51 cents.
The auditor has confirmed that the NPAT achieved of R9 238 327 was in accordance with
the terms of the SET acquisition agreement. Accordingly, the Company has issued
89 817 063 shares to the former shareholders of SET at 28.80 cents being a purchase
consideration of R25.87 million.
28 May 2019
Arbor Capital Sponsors Proprietary Limited
Date: 28/05/2019 05:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
I see why the price was pushed down. These okes wanted to get more shares haha. Clever, however now that tis has been solved. I think we will see a nice jump the coming weeks. Personal view only and no recommendation.