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USC Announces Completion of Logica Transaction 4 December 2000 The Directors of Utility Services Corporation Limited (USC) are pleased to announce that at the Annual General Meeting of the company, which was held on 29th November 2000 at the Stamford Plaza in Melbourne, all resolutions were unanimously approved by shareholders. As a consequence of these approvals, Directors wish to notify the following: (a) Logica has advised that all conditions precedent have now been met for the transfer of MITS and USC has received $87.5 million in cash as the initial payment. A further payment based on MITS' balance sheet as at 30 November 2000 will occur within the next 45 days. (b) The divident of $0.05 per share will be payable to shareholders on record as at 15 December 2000. (c) The granting of 2 million options to Mr Geoffrey Lord - Executive Chairman has been approved. These have a $0.90 per share exercise price. As a result of the sale to Logica, USC will initially comprise of the following: (i) Cash of $87.5 million. (ii) The residual of the IT Group including Intellectual Property; the Labour access agreement with Logica comprising 10,000 man days per annum for 6 years; and teaming agreements between Logica and the remaining USC businesses. (iii) Investments in Percipience the knowledge management group and ILID, the lighting device business on trial with Coles/Myer. (iv) The business operations including: Power distribution and maintenance through Power Maintenance Services Click here to see the Chairman's presentation. For further information Geoff Lord
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