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In the late 1990's, Sage attempted to enter the US market at a cost of more than R1bn. The company suffered huge losses and sold out to Momentum for R634m. Momentum bought out shareholders at R1.42 per share, with a further 33c per share dependent on negotiations regarding outstanding tax issues.
By March 2006, the tax dispute with the South African Revenue Service had not been resolved, although talks are ongoing.
31 may
Following the resolution of one of three tax matters against the Sage group, shareholders will be pad 577c per share, a total of around R20m. The remaining money will be held in escrow until while Sage continues talks with the South African Revenue Service to resolve the two remaining tax issues.
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