HUG - Huge Group Limited - Specific repurchase of shares

HUG - Huge Group Limited - Specific repurchase of shares                        
HUGE GROUP LIMITED                                                              
(formerly Vanquish Fund Managers Limited)                                       
(Registration number 2006/023587/06)                                            
Share code: HUG     ISIN: ZAE000102042                                          
("Huge" or "the company")                                                       
SPECIFIC REPURCHASE OF SHARES                                                   
1.   INTRODUCTION                                                               
Shareholders are advised that in terms of sale agreements signed on 3 July 2008,
Huge Telecom (Proprietary) Limited has acquired 13 050 205 ordinary shares of   
R0.0001 each in the share capital of the company, at a price of 362 cents per   
share, representing 12.22% of the entire issued share capital of Huge Group     
Limited in terms of sale of shares agreements signed with Independent Securities
(Proprietary) Limited and Praesidium Capital Management (Proprietary) Limited   
("the sale transactions").  The effective date of the sale transactions is 1    
July 2008.                                                                      
2.   RATIONALE                                                                  
The sale transactions will result in an increase in earnings per share and      
headline earnings per share.                                                    
3.   CONDITIONS PRECEDENT                                                       
The sale transactions are subject to the suspensive condition that by not later 
than 31 August 2007, any regulatory approvals which may be required in order to 
implement the sale transactions are obtained, including but without limitation, 
compliance with the Companies Act, the listings requirements and any other      
approvals of the JSE and the Securities Regulation Code on Takeovers and Mergers
as may be applicable to them.                                                   
4.   DOCUMENTATION                                                              
In terms of the Listings Requirements of the JSE Limited the sale transactions  
require shareholder approval and as such a circular will be sent to shareholders
in due course.                                                                  
Woodmead                                                                        
3 July 2008                                                                     
Designated advisor                                                              
Arcay Moela Sponsors (Pty) Limited                                              
Date: 03/07/2008 09:55:02 Supplied by www.sharenet.co.za                     
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