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SGE Societe Generale SA

23.845
0.09 (0.38%)
09:14:36 - Realtime Data
Share Name Share Symbol Market Type
Societe Generale SA TG:SGE Tradegate Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.09 0.38% 23.845 23.79 23.80 23.845 23.745 23.785 1,058 09:14:36

Re: Softline Limited

23/09/2003 1:36pm

UK Regulatory


    23 September 2003

Sage acquisition of South African software vendor Softline approved by Softline
shareholders

Further to its announcement of 1 August 2003, The Sage Group plc ("Sage")
announces that its agreement to acquire Softline Limited ("Softline") has
received Softline shareholders' approval.

The acquisition agreement was approved at a meeting of Softline shareholders on
23 September. The acquisition is expected to complete in mid-October 2003,
following receipt of final regulatory clearances.

The transaction has an equity value of £66.0m (enterprise value of £54.9m).
Softline is a leading provider of business management software in South Africa
and Australia. The proposed acquisition of the Softline business is consistent
with the Sage strategy of expanding geographically into attractive markets.

Paul Walker, Sage Chief Executive, commented: "The acquisition of Softline
extends our geographical presence to the attractive South African and
Australian markets in which Softline is well established. It provides us with
leading product brands in accounting, payroll and taxation software for
small-to-medium-sized enterprises, together with a sizeable customer and
reseller base."

Simultaneous with this announcement, Softline has issued an announcement
providing details of shareholders' vote of approval.

All financial information calculated on the basis of £1 = ZAR 11.9

Enquiries:

The Sage Group plc 0191 255 3000     Financial Dynamics 020 7831 3113       
                                                                            
Paul Walker, Chief Executive         Giles Sanderson                        
                                                                            
Paul Harrison, Finance Director      Harriet Keen                           
                                                                            
Phil Branston, Investor Relations    Caroline LeDosquet                     

Notes to editors:

The Sage Group plc is a leading international supplier of accounting and
business management software solutions and related products and services for
small to medium-sized enterprises. Formed in 1981, Sage was floated on the
London Stock Exchange in 1989 and the Group now employs over 5,500 people
worldwide.



END



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