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Datatec Ltd Announces Completion Of Acquisition Of Comztek Holdings Limited

Monday, 3 Jun 2013 02:00am EDT 

Datatec Ltd announced that, following fulfilment of all conditions precedent, the acquisition of Comztek Holdings Limited (Comztek), the full terms of which were announced on November 30, 2012, completed on May 31, 2013 (the Acquisition). The cash portion of the ZAR88 million total consideration was settled by the payment of ZAR48 million in cash funded from new loan finance (ZAR27.4 million to Mustek; ZAR20.6 million to the Management Sellers, including the contingent consideration of ZAR8 million which became payable after Comztek met all required EBITDA performance conditions). The remaining portion of the consideration (R40 million) will be settled by the allotment of 752,606 new Datatec ordinary shares of ZAR0.01. Application has been made to the London Stock Exchange for the admission of these shares to the Alternative Investment Market, and to the JSE Limited for the listing of these shares. Listing on both exchanges is expected to become effective on 12, 2013. 

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