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NUTRITIONAL HOLDINGS LIMITED - Voluntary Announcement

Release Date: 14/08/2013 09:30
Code(s): NUT     PDF:  
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Voluntary Announcement

NUTRITIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/002282/06)
Share code: NUT ISIN: ZAE000156485
("Nutritional Holdings" or "the Company")

VOLUNTARY ANNOUNCEMENT

1.   Shareholders are referred the announcement dated 14 June 2011
     wherein shareholders were advised that Nutritional Holdings Limited
     (at the time known as Imuniti Holdings Limited) had entered into a
     manufacturing agreement with Edge to Edge Global Investments Limited
     (“E2E”), in terms of which, inter alia, the Company has the exclusive
     right to manufacture the Imuniti Nutritional Supplement Combo Pack 
     (“INSCP”) on behalf E2E (“the Supply Agreement”).

2.   Further to the above, shareholders are advised that the Company has
     entered into mediation and arbitration proceedings with E2E, as provided
     for in the Manufacturing Agreement, in relation to the non-payment of
     monies due to Nutritional Holdings by E2E for the previous manufacture
     of INSCP’s (“the Dispute”).

3.   As communicated to shareholders in the Annual Integrated Report 2013, 
     the INSCP is still a product which could create opportunities for the
     Company in the future, however the Company’s focus remains with its core
     businesses, being the Nutritional Foods Division and the Pharmaceutical
     Division. The Manufacturing Agreement in its current state and/or the 
     settlement of the Dispute (which does not affect the existence of the 
     Manufacturing Agreement) are both currently immaterial to the Company’s
     existing operations.

4.   In addition to the above, shareholders are advised that certain members 
     of the board of the Company (“the Board”) have, in their personal 
     capacities as shareholders of E2E (together with other shareholders 
     of E2E), applied to the Kwazulu-Natal High Court, Durban, for permission
     to liquidate E2E (“the Application”).

5.   The Application will be heard on Thursday, 15 August 2013, the outcome of
     which is uncertain at this stage.

6.   In the event that the Application is granted by the Kwazulu-Natal High 
     Court, Durban, same could affect the existence of the Manufacturing 
     Agreement.

7.   Neither the Dispute nor the Application are regarded by the Board as 
     material price sensitive information in terms of section 3.4 of the 
     JSE Limited’s Listings Requirements.

8.   However, in view of the historic relationship with E2E and the uncertainty
     regarding the Dispute and/or the Application, the Board deemed it appropriate
     to inform shareholders of the developments contained in this announcement.

9.   To the extent required, any further developments in this regard will be
     communicated to shareholders in due course.

Umhlanga
14 August 2013
Designated advisor: PSG Capital Proprietary Limited

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