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Now a done deal

28 June 2004 Angelo Coppola

“This is an exciting development for ipac SA..."

The agreement ensures the continuity and stability of the business, while also facilitating management’s ability to grow ipac in South Africa” said CEO Andrew Bradley.

ipac SA said that Andrew Bradley and a management consortium which purchased 50% of the business almost two years ago.

And together with chairman Mark Barnes, has entered into an agreement to acquire the balance of the business from South African Investment Holdings (SAIH) – the entity through which the founding Australian shareholders have held their interest in ipac SA.

As a consequence of the buyout it has been decided that the company ipac SA will change its name. In future the company will be known as acsis.

The change in shareholder will enable us to bring in an empowerment partner, at the appropriate time.”

ipac SA previously had a dual relationship with AXA-owned ipac Securities in the form of a shareholder relationship, and as the exclusive licensee to ipac’s intellectual property in South Africa.

Notwithstanding the sale of its interests, ipac Securities will continue their commercial relationship with ipac SA.

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