Datacraft votes in favour of Dimension Data Offer
Datacraft shareholders vote in favour of Dimension Data
Offer
privatisation positions Datacraft ‘as a
stronger force’
November 13, 2008 – Dimension Data, a $3.8 billion leading global IT solutions and services provider, announced that shareholders in its Asian subsidiary, Datacraft Asia Ltd had voted in favor of an offer by Dimension Data to purchase the remaining 44.9% stake that it does not already own. When the transaction is completed, Datacraft Asia Ltd will be a wholly-owned subsidiary of Dimension Data Holdings plc.
In terms of the transaction which was effected by way of a Scheme of Arrangement under Singapore law, shareholders were offered US$1.33 a share - a 34% premium to Datacraft’s closing share price of US$0.99 cents on Monday 21 July 2008. The total cost of the acquisition is approximately US$276 million, and is financed by cash, part of which was raised by an equity issuance.
The Scheme is still to be approved by the Singapore Court, and when that is done, Datacraft will be delisted from the Singapore Stock Exchange.
Dimension Data CEO, Brett Dawson says,
“We are delighted our offer has been accepted by Datacraft
shareholders. Datacraft has been part of the Dimension Data
family for 11 years and a strong alignment between the two
companies already exists. Datacraft also has a strong
competitive position in the key markets in Asia. We
believe the company will continue to go from strength to
strength, capture market opportunities and expand its
footprint in the growing Asia Pacific market.
Datacraft
CEO, Bill Padfield adds, “Apart from offering tremendous
benefits to our employees and clients, Datacraft’s
privatisation also positions us as a stronger force, given
that we are wholly-owned by a global multinational group.”
“In addition, we will be able to operate with greater
flexibility and leverage opportunities internationally,
which in turn will accelerate growth in key
markets.”
“Looking to the future, the transaction
enhances Datacraft’s operational effectiveness. We will be
able to share group-wide resources and capitalise on the
cashflows and capital structures of Dimension Data,”
Padfield concludes.
For further information, please refer
to the Investor Relations section of www.dimensiondata.com or www.datacraft-asia.com .
About
Dimension Data
Dimension Data (LSE:DDT), a
specialist IT services and solutions provider, helps clients
plan, build, support and manage their network and IT
infrastructures. Dimension Data applies its expertise in
networking, security, operating environments, storage and
contact center technologies and its unique skills in
consulting, integration and managed services to create
customized client services. www.dimensiondata.com
The directors of Dimension Data (including any director who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed in this press release (other than those relating to Datacraft) are fair and accurate and that no material facts have been omitted from this press release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted from published or publicly available sources, the sole responsibility of the directors of Dimension Data has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this press release.
About Datacraft
Datacraft is a wholly owned
subsidiary of Dimension Data plc (LSE:DDT), a US$4.5
billion leading global IT solutions and services provider.
Datacraft operates in over 50 offices across 13 Asia Pacific
countries. We help clients plan, build, support, manage,
improve and innovate their IT infrastructures. Datacraft
combines an expertise in networking, security, data centre,
storage, Microsoft solutions and contact centre
technologies, with advanced skills in consulting,
integration, training and managed services to craft IT
solutions for businesses. For more information, please visit
www.datacraft-asia.com.
The directors of Datacraft (including any director who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed in this press release (other than those relating to Dimension Data) are fair and accurate and that no material facts have been omitted from this press release, and they jointly and severally accept responsibility accordingly. Where any information has been extracted from published or publicly available sources, the sole responsibility of the directors of Datacraft has been to ensure through reasonable enquiries that such information is accurately extracted from such sources or, as the case may be, reflected or reproduced in this press release.
ENDS