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Update on General Issue of Shares for Cash
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“Visual” or “the Company”)
ISIN Code: ZAE000187407 Share Code: VIS
UPDATE ON GENERAL ISSUE OF SHARES FOR CASH
Shareholders are referred to the announcements issued on SENS on 20 May 2021 and
18 June 2020 which detailed the signing of a subscription agreement with Verityhurst
Proprietary Limited (“Verityhurst”) for 133 000 000 new shares for a total of R5.32m and the
initial issue of 63 250 000 new Shares. Shareholders are advised that following the receipt of
the remaining R1 790 000 and proof of payment of the final amounting owing of R1 000 000,
the Company has issued a further 69 750 000 shares, being 21.03% of the shares in issue prior
to this issue. These shares shall rank pari passu with the issued ordinary shares of the
Company.
The Subscription Price is at an 8.89% premium to the 30-day volume weighted average share
price of 3.67 cents per share at 30 June 2019, being the last date of trade prior to the
suspension of the Company on the JSE and the reference price used and agreed to by the
Company and the Subscriber.
Post this issue, Verityhurst will hold 33.15% of Visual and the Subscription Agreement has been
implemented in full.
Founder and Chief Investment Officer of Verityhurst, Mandla Lamba, stated “At Verityhurst
we seek out unnoticed or undervalued opportunities, particularly small cap companies,
and apply our resources to help rebuild and reposition the companies to grow and become
successful, indirectly contributing to the economy and growth of South Africa. We are
looking forward to helping to steer the Company through the appointment of two
experienced directors, that will bring further diversity and opportunities to the Board.”
CEO Charles Robertson stated “We are delighted with the involvement of Verityhurst and
the difference that its investment has already made to the prospects of Visual. We look
forward to the journey with Mandla and his team.”
Cape Town
27 May 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 27-05-2021 04:49:00
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