To view the PDF file, sign up for a MySharenet subscription.

JASCO ELECTRONICS HOLDINGS LIMITED - Cautionary announcement Disposal of M-TEC

Release Date: 30/08/2013 08:00
Code(s): JSC     PDF:  
Wrap Text
Cautionary announcement – Disposal of M-TEC

JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003293/06
Share Code: JSC & ISIN: ZAE000003794
("Jasco" or "the Company" or “the Group”)

CAUTIONARY ANNOUNCEMENT – DISPOSAL OF M-TEC


Shareholders are hereby advised that the Company is in discussions with Taihan Electric Wire Co. Limited of
Korea, (“Taihan”), the other shareholder in Malesela Taihan Electric Cable (Proprietary) Limited (“M-TEC”)
regarding a process for the disinvestment by Jasco of its interest in M-TEC, which if successfully concluded may
have a material effect on the price of the Company’s securities.


Shareholders are reminded that in terms of the announcement published by Jasco on the Securities Exchange
News Service of the JSE Limited (“SENS”) on 22 August 2013, Jasco’s R100 million preference share redemption
obligation to AfroCentric Investment Corporation Limited (“AfroCentric”) was extended for redemption until 31
December 2014. This extended redemption date is however subject to change in the event that Jasco disposes of
its investment in M-TEC at any time prior to the redemption date. Under such circumstances, Jasco is required in
the first instance, to apply the proceeds received from the disposal of M-TEC to redeem the Afrocentric preference
shares in full. Given the security structure in place for the redemption of the Afrocentric preference shares, the
approval of Afrocentric is required for any agreement for the disposal by Jasco of its investment in M-TEC.


Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a further
announcement is made on SENS.


Johannesburg
30 August 2013


Sponsor
Grindrod Bank Limited

Date: 30/08/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story