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Update to shareholders regarding Arkein International and renewal of cautionary announcement
Sherbourne Capital Limited
(Previously trading as IFCA Technologies Limited)
Incorporated in the Republic of South Africa
(Registration number 2006/030759/06)
Share code: SHB ISIN: ZAE000165403
("Sherbourne" or “the Company”)
UPDATE TO SHAREHOLDERS ON ARKEIN INTERNATIONAL LIMITED CONTRACT MINING
DIVISION (ARKEIN TRADING) AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Sherbourne recently announced on SENS on 18 October 2012 the acquisition of 51% of Arkein
International Limited (“Arkein”).
The Board is pleased to advise shareholders that Arkein have successfully concluded a Joint Venture/
Consortium Agreement with New Wave Advanced Capital (Pty) Ltd (“Advanced Capital”) to do contract
mining for Iron Ore at the Mapochs Mine (Pty) Ltd (“Mapochs”), a majority owned subsidiary of EVRAZ
Highveld Steel and Vanadium Limited (“Highveld”).
Arkein will project manage the contract mining and hauling, in conjunction with Advanced Capital, at the
Mapochs mine in Limpopo. The contract stipulates a minimum Tonnage per month that needs to be
achieved. During the month of October, 2012, the total Tonnage mined and hauled increased by 25%
from the minimum amount, stipulated in the contract, and it is expected that in November the total
Tonnage will increase by a further 10%. This marks the completion of the ramping up period and as such
shall have a material impact on the company’s earnings projections. The contract runs for a minimum
period of 2 years and is renewable on agreement between Highveld and the Joint Venture
Shareholders will be kept informed of all future developments regarding the above transaction.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement published on 18 October 2012, shareholders are advised that
Sherbourne has entered into negotiations which if successfully concluded may have a material effect on
the price of Sherbourne’s securities. Accordingly, shareholders are advised to exercise caution when
dealing in Sherbourne securities until a further announcement is released.
Sandton
20 November 2012
Designated Adviser: Bridge Capital Advisors (Pty) Ltd
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