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CONVERGENET HOLDINGS LIMITED - Results of general meeting

Release Date: 12/03/2013 16:09
Code(s): CVN     PDF:  
Wrap Text
Results of general meeting

CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN ISIN: ZAE000102067
(“ConvergeNet” or the “Company”)


RESULTS OF GENERAL MEETING

Shareholders are referred to the circular to ConvergeNet shareholders, which included a notice of
general meeting, dated 12 February 2013 regarding:

* The proposed Category 1 related party acquisition by ConvergeNet of the remaining 25%
minority interest held in Sizwe Africa IT Group (Pty) Ltd (“Sizwe”), subject to certain conditions and
waiver of a mandatory offer;
* The proposed Category 2 related party acquisition by ConvergeNet of the remaining 26%
minority interest held in Andrews Kit (Pty) Ltd, subject to certain conditions; and
* The issue of 100,000,000 no par value pari passu shares at an issue price of R0.32 per share to a
related party being Yellow Star Group Holdings (Pty) Ltd (“Yellow Star”) as part of the
consideration to acquire Sizwe (collectively “the Transactions”).

Shareholders are advised that at the general meeting of ConvergeNet shareholders held today, all
the ordinary resolutions were approved by the requisite majority of shareholders to effect the
Transactions.

The ordinary resolution for a waiver of a mandatory offer by Yellow Star was approved by the
requisite independent shareholders. In accordance with the Takeover Regulation Panel (“TRP”)
Guideline 2/2011, the Company will apply to the TRP to rule on the granting of the requested
waiver. Once the TRP has considered the application and made a ruling hereon, shareholders will
be advised of the outcome.

Centurion
12 March 2013

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

Corporate Adviser for ConvergeNet
AfrAsia Corporate Finance Proprietary Limited

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