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AVU - Avusa Limited - Update on the receipt of an unsolicited expression of

Release Date: 27/06/2011 17:30
Code(s): AVU
Wrap Text

AVU - Avusa Limited - Update on the receipt of an unsolicited expression of interest to acquire the entire issued share capital of Avusa Avusa Limited (Incorporated in the Republic of South Africa) (Registration number 2008/002461/06) Share code: AVU ISIN:ZAE000115895 ("Avusa" or "the Company") UPDATE ON THE RECEIPT OF AN UNSOLICITED EXPRESSION OF INTEREST TO ACQUIRE THE ENTIRE ISSUED SHARE CAPITAL OF AVUSA FURTHER CAUTIONARY ANNOUNCEMENT 1 Background Shareholders are referred to the previous announcements dated 28 March 2011, 16 May 2011 and 31 May 2011, wherein shareholders were advised that the Board of Directors of Avusa ("Board") is in receipt of an unsolicited expression of interest ("the EoI") from a consortium ("the Consortium") led by Capitau Holdings Limited ("Capitau"), to acquire the entire issued share capital of Avusa ("the Proposed Acquisition"). 2 Due diligence As announced on 16 May 2011, a Board sub-committee of four independent non- executive directors ("the Independent Sub-Committee") agreed to allow the Consortium to undertake a due diligence investigation ("the Due Diligence"). In this regard, Avusa and the Consortium are in the process of concluding a due diligence agreement ("the Agreement"), which is a pre-requisite to the commencement of the Due Diligence. The Agreement will contain provisions relating to, inter alia, the nature, conduct, time and scope of the Due Diligence. Shareholders are reminded that by allowing the Consortium to conduct the Due Diligence, the Independent Sub-Committee has not yet concluded whether the Proposed Acquisition is in the best interests of the Company and its shareholders and therefore does not yet express an opinion thereon. 3 Independent Sub-Committee`s responsibility statement In terms of the Takeover Regulations, the Independent Sub-Committee accepts responsibility for the information contained in this announcement and that to the best of its knowledge and belief (having taken all reasonable care to ensure that such is the case) the information contained in this announcement is in accordance with the facts and, where appropriate, that it does not omit anything likely to affect the import of such information. 4 Further cautionary announcement Further to the cautionary announcements dated 28 March 2011 and 16 May 2011, shareholders are advised that should the EoI result in a firm intention to make an offer, the occurrence of such an event and/or the implementation of the transaction pursuant thereto may have a material effect on the price of the Company`s shares. Accordingly, shareholders are advised to continue exercising caution when dealing in the Company`s shares until a further announcement is made. Johannesburg 27 June 2011 Investment bank and sponsor Nedbank Capital Legal advisors Werksmans Inc Date: 27/06/2011 17:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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