AVUSA LTD - Revised dates and update relating to the scheme of arrangement

Revised dates and update relating to the scheme of arrangement

Avusa Limited
Incorporated in the Republic of South Africa
Registration number: 2008/002461/06
Ordinary share code: AVU
ISIN code: ZAE000115895
("Avusa")

REVISED DATES AND UPDATE RELATING TO THE SCHEME OF ARRANGEMENT

Defined terms used in this announcement shall have the meanings given to them in the circular
posted to Avusa ordinary shareholders on 18 July 2012 ("the Circular").

1. Introduction
Avusa shareholders are referred to the announcement previously released on SENS, as well as
the circular posted to Avusa shareholders, dated 18 July 2012, relating to a scheme of
arrangement in terms of section 114 of the Companies Act, 71 of 2008 (as amended), ("the
Scheme"), proposed by Times Media Group Limited ("TMG"), a wholly-owned subsidiary of
Mvelaphanda Group Limited, between Avusa and its shareholders, to acquire the entire issued
and to be issued share capital of Avusa. The terms of the Scheme entitle each Avusa
shareholder to elect to receive a cash consideration of R24.00 (twenty four Rand) for every Avusa
ordinary share, a share consideration of 1.47707 (one point four, seven, seven, zero, seven)
shares in TMG for every one Avusa share, or a combination of the cash consideration and the
share consideration. On 16 August 2012, Avusa shareholders were advised that the special and
ordinary resolutions required to give effect to the Scheme were approved by the requisite majority
of votes.

2. Conditions precedent to the Scheme
Avusa shareholders are advised that not all of the conditions precedent to the Scheme have been
fulfilled. An announcement will be released on SENS and in the press once all the conditions
precedent to the Scheme have been fulfilled and the Scheme becomes unconditional. The
Scheme still remains conditional upon, inter alia, the JSE unconditional consent to the listing of
the TMG shares on the JSE being granted.

3. Revised salient dates and times relating to the Scheme
The salient dates and times applicable to the Scheme have been revised as follows:

                                                                                           2012

Finalisation date expected to be on                                         Friday, 7 September

Expected Scheme last date to trade in Avusa ordinary shares
on the JSE in order to be recorded in the register to receive
the Scheme consideration                                                   Friday, 14 September
Suspension of listing of Avusa ordinary shares at the                      Monday, 17 September
commencement of trade on the JSE expected to be

Expected date of listing of TMG shares on the JSE at the
commencement of trade on or about                                          Monday, 17 September

Scheme consideration record date, being the date to be
recorded in the register in order to receive the Scheme
consideration, which is expected to be on or about                         Friday, 21 September

Last date on which the Avusa shareholders can make an
election in respect of the Scheme consideration by 12:00                   Friday, 21 September

Expected operative date of the Scheme                                     Tuesday, 25 September

Payment or delivery of the Scheme consideration to be
transferred electronically or posted to certificated Avusa
shareholders (if the election, surrender and transfer form and
documents of title are received by the Transfer Secretary on or
before 12:00 on the Scheme consideration record date) on or
about                                                                     Tuesday, 25 September

Dematerialised Avusa shareholders expected to have their
accounts held at their CSDP or broker credited with the
Scheme consideration on or about                                          Tuesday, 25 September

Expected termination of listing of Avusa ordinary shares on the
JSE at the commencement of trade on or about                              Tuesday, 25 September
Notes:
1. Any material changes to the above dates and times will be released on SENS and published in the
   South African press.
2. All times quoted in this announcement are local times in South Africa
3. No dematerialisation or rematerialisation of Avusa ordinary share certificates may take place from the
   Business Day following the Scheme last date to trade.


Rosebank

31 August 2012

Merchant bank and sponsor to Avusa                 Legal adviser to Avusa
Rand Merchant Bank, a division of First            Werksmans Attorneys
Rand Bank Limited

Date: 31/08/2012 10:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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