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SHERBOURNE CAPITAL LIMITED - Update on Arkein acquisition and suspension of securities

Release Date: 05/03/2013 08:28
Code(s): SHB     PDF:  
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Update on Arkein acquisition and suspension of securities

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”)

Announcement regarding the proposed acquisition of 51% of Arkein International Limited

Shareholders are referred to the previous announcement, dated 18 October 2012 in which they were
advised that, subject to the fulfilment of certain conditions precedents, Sherbourne had entered into
an agreement in terms of which Sherbourne would acquire 51% of the issued ordinary share capital of
Arkein International Limited (“the transaction”). Sherbourne hereby advises shareholders that the
parties have mutually agreed not to proceed with the transaction, thus resulting in Sherbourne
remaining a cash shell in terms of paragraph 3.26 of the JSE LR.

Suspension of trading

Shareholders are advised that Sherbourne became a cash shell on 5 June 2012 after the disposal of
IFCA sWare became unconditional. Subsequent to the Arkein acquisition not being successfully
concluded for reasons stated above, the JSE has notified Sherbourne that the trading of its securities
has been suspended with effect from 5 March 2013 until such time that a signed agreement is
concluded for an acquisition of an asset. However, shareholders will be notified shortly of an
alternative concluded development in this regard following consultation with the JSE.

Sandton
5 March 2013
Designated Adviser: Bridge Capital Advisors (Pty) Ltd

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