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MOBILE INDUSTRIES LIMITED (Incorporated in the Republic of South Africa) (Registration number 1968/014997/06) JSE code: MOB ISIN: ZAE000091435 (Mobile or the Company) PROGRESS REPORT TO SHAREHOLDERS
This announcement provides a progress report to shareholders on certain specific statements contained in an announcement to shareholders dated 22 May 2012 and related information: 1. Change in controlling shareholder:
During the period from 13 April to 9 May 2012, Robatsi Genesis Investments 26 (Pty) Ltd (Robatsi) acquired the entire shareholding of Coronation Asset Managers (Pty) Ltd, the Jowell family interests and Old Mutual Investment Group South Africa (Pty) Ltd, constituting 64.9% of Mobiles issued share capital. An application was made to the Takeover Regulation Panel for an exemption from the need to make an offer to the minority shareholders, on the basis that the costs of making the offer are excessive relative to the assets of the Company and the amount of the offer.
Shareholders are advised that a conditional exemption has been granted by the Takeover Regulation Panel, subject to a condition that Robatsi must meet its obligations by 31 December 2012 in respect of the following:
1.1 that Mobile enters into an agreement and makes an announcement to acquire assets that satisfy the JSEs conditions for listing set out in the Listings Requirements; 1.2 the JSE lifts the suspension of the listing of Mobiles shares on the JSE; 1.3 that the independent holders of more than 50% of all Mobile shares have agreed to waive the benefit of a mandatory offer pursuant to the Acquisitions, in accordance with Regulation 86(4) of the Takeover Regulations; and 1.4 that the shareholders of Mobile approve the acquisition of assets by Mobile in accordance with the Listings Requirements.
Having regard to the information set out in paragraph 2 below, shareholders are now advised that Mobile will approach the Takeover Regulation Panel for an extension until 30 June 2013 to meet its obligations as set out above. 2. Acquisition of assets:
The directors previously informed the JSE that they intend reversing assets of suitable quality into the Company and anticipated to be in a position to announce the proposed reverse acquisition targets by no later than 30 June 2012.
Shareholders are advised that the board of directors has formulated a strategy to establish Mobile as a holding company with investments in businesses operating mainly in the financial services industry. Businesses in the financial services industry are generally regulated by the Financial Services Board and or other regulatory bodies in terms of various Acts of Parliament. These regulatory compliances involve the requisite approvals being obtained before any acquisition may be finalised. These issues and the attendant length of negotiations with interested parties have made it impractical to achieve the level of progress at this time which had initially been anticipated. The Company is currently involved in negotiations with three different target companies, predominantly in the life insurance, short-term insurance and asset manager sectors, relating to the potential acquisitions with an aggregated acquisition value of approximately R460 million. It is anticipated that one of these potential acquisitions could be completed by 31 December 2012 with the others being completed early in 2013.
Mobile was initially given a deadline of 31 October 2012 by the JSE Limited to reverse assets into the Company. However, Mobile has applied to the JSE for an extension until 30 June 2013 for this purpose.
Shareholders will be kept informed of developments on a quarterly basis. CAPE TOWN 5 July 2012 Sponsor Vunani Corporate Finance
Date: 05/07/2012 03:00:00 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.
