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Further announcement regarding the disposal of Mint
MORVEST BUSINESS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2003/012583/06)
Share code: MOR ISIN code: ZAE000152567
(“Morvest”)
FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL OF MORVEST’S
SHAREHOLDING IN MINT MANAGEMENT TECHNOLOGIES PROPRIETARY
LIMITED (“MINT”)
Morvest shareholders (“Shareholders”) are referred to the announcement published on
the Stock Exchange News Service on 10 July 2014 which sets out details of Morvest’s
intention to dispose of its entire current shareholding in Mint (“Transaction”) comprising
9 871 ordinary shares (50.01% of all of the issued ordinary shares of Mint), and 10 “B”
class shares (100% of all of the issued “B” class shares of Mint) (collectively, “Sale
Shares”) to the Tandem Trust (“Tandem Trust”), Carel Du Toit (“Du Toit”), Yvonne Dias
(“Dias”) and Francois Pienaar (“Pienaar”) (collectively, “Purchasers”) in an agreed
proportion. The total purchase consideration paid by the Purchasers to Morvest for the
Sale Shares will be R10 483 621.
The Transaction is a small related party transaction in terms of the JSE Limited Listings
Requirements as the Tandem Trust is a material shareholder of Mint and an associate of
Trevor Ahier, a director of Mint and Du Toit, Dias and Pienaar are also currently directors
of Mint.
Morvest has appointed BDO Corporate Finance Proprietary Limited (“BDO”) as the
independent expert regarding the Transaction. BDO has considered the terms and
conditions of the Transaction and is of the opinion that the terms and conditions of the
Transaction, based on quantitative considerations, are fair to Shareholders (“Fairness
Opinion”). The Fairness Opinion provided by BDO will lie open for inspection for 28
days from the date of this announcement at Morvest’s registered office being 188 14th
Road, Noordwyk, Midrand.
Johannesburg
25 August 2014
Sponsor: Sasfin Capital
(A division of Sasfin Bank Limited)
Independent Expert
BDO Corporate Finance Proprietary Limited
Date: 25/08/2014 01:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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