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AVU - Avusa Limited - Commencement of due diligence investigation 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 COMMENCEMENT OF DUE DILIGENCE INVESTIGATION 1. Background Shareholders are referred to the previous announcements dated 28 March 2011, 16 May 2011, 31 May 2011 and 27 June 2011, wherein they were advised that the Board of Directors of Avusa is in receipt of an unsolicited expression of interest ("the EoI") from a consortium ("the Consortium") led by Capitau Holdings Limited ("Capitau"), and comprising only Capitau and RMB Ventures, a division of FirstRand Bank Limited, to acquire the entire issued share capital of Avusa ("the Proposed Acquisition"). 2. Due diligence Avusa and Capitau, being the lead-party in the Consortium, have now concluded a due diligence agreement ("the Agreement"), which was a pre-requisite to the commencement of the due diligence ("the Due Diligence"). The Agreement contains provisions relating to, inter alia, the nature, conduct, time and scope of the due diligence. The Due Diligence commences on 12 July 2011 and the independent sub-committee of Avusa ("the Independent Sub-Committee"") has agreed to grant the Consortium a six-week Due Diligence period, ending on 24 August 2011. The Independent Sub-Committee has also requested that a firm intention to make an offer by the Consortium, if forthcoming, be delivered within two weeks of the completion of the Due Diligence being on or before 7 September 2011. Shareholders are reminded that by allowing Capitau 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. Johannesburg 8 July 2011 Investment bank and sponsor Nedbank Capital Legal advisors Werksmans Inc Date: 08/07/2011 17:00:04 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.
