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Quarterley Suspension Update
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407 Share code: VIS
QUARTERLY SUSPENSION UPDATE
Trading in Visual’s shares on the JSE Limited (“JSE”) is currently suspended until such time as the
Annual Financial Statements and Annual Reports for the years ended 28 February 2019 and
29 February 2020 have been issued (the “Suspension”).
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide
an update to shareholders regarding the current state of affairs of the Company until the
Suspension is lifted.
Accordingly, shareholders are referred to the announcement released on SENS on 18 June 2020
(“the Announcement”) regarding the share subscription agreement entered into by the Company
with Verityhurst Proprietary Limited (“Verityhurst”) in terms of which Verityhurst has agreed to
subscribe for 133 000 000 ordinary Visual shares for cash at a subscription price of 4 (four) cents per
share for a total consideration of R5 320 000 with effect from 31 July 2020 (“Share Subscription”).
The salient terms of the Share Subscription are detailed in the Announcement.
As stated in the Announcement, a portion of the proceeds of the Share Subscription will be
applied towards payment of the audit costs for the years ended 28 February 2019 and
29 February 2020, and the cost of the preparation of the Annual Financial Statements and Annual
Reports for the years ended 28 February 2019 and 29 February 2020. A payment has already been
made to the audit firm and the audit commenced on Monday, 22 June 2020. The audits will be
completed back to back and the various results announcements will be published on SENS in due
course.
The Company will become compliant with the JSE Listings Requirements once the 2020 Annual
Report has been posted to shareholders, after which it will apply for the lifting of the Suspension.
The Board will continue to inform shareholders of the progress of the Share Subscription and will
advise shareholders of the date on which the Suspension is expected to be lifted in due course.
Johannesburg
1 July 2020
Designated Advisor
Arbor Capital Sponsors
Date: 01-07-2020 09:00:00
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