MOR - Morvest Business Group Limited - Amendment to the sale of shares agreement

MOR - Morvest Business Group Limited - Amendment to the sale of shares agreement
to acquire R and S Consulting Closed Corporation                                
MORVEST BUSINESS GROUP LIMITED                                                  
(Previously Simeka Business Group Limited)                                      
(Incorporated in the Republic of South Africa)                                  
(Registration No. 2003/012583/06)                                               
Share code: MOR    ISIN code: ZAE000152567                                      
("Morvest" or "the Company")                                                    
AMENDMENT TO THE SALE OF SHARES AGREEMENT TO ACQUIRE R AND S CONSULTING CLOSED  
CORPORATION                                                                     
Shareholders of Morvest are referred to the announcement released on SENS on 7  
April 2011, wherein they were advised that Morvest had entered into a sale of   
shares agreement to acquire 50% plus one share of the issued share capital of   
R and S Consulting CC ("R&S") for a maximum consideration of R60 million ("the  
acquisition") payable over 4 years ending February 2014. The effective date of  
the acquisition was due to be 18 April 2011.                                    
Shareholders are advised that a condition precedent for completion of the       
acquisition, being the conversion at Cipro of R&S into a private company, has   
not yet been fulfilled.  The parties have agreed that the effective date of the 
acquisition will now be the date of conversion of R&S into a private company and
not 18 April 2011 as previously stated.                                         
A further announcement relating to the fulfilment of this remaining condition   
precedent to the implementation of the acquisition will be released on SENS in  
due course.                                                                     
Johannesburg                                                                    
19 April 2011                                                                   
Designated Advisor and Corporate Advisor                                        
Sasfin Capital                                                                  
(A division of Sasfin Bank Limited)                                             
Date: 19/04/2011 15:50:12 Supplied by www.sharenet.co.za                     
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