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

HUGE GROUP LIMITED - Disposal of 3 shares in Ambient Mobile (Pty) Ltd by a subsidiary of the company

Release Date: 16/01/2014 08:33
Code(s): HUG     PDF:  
Wrap Text
Disposal of 3 shares in Ambient Mobile (Pty) Ltd by a subsidiary of the company

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the company”)


DISPOSAL OF THREE SHARES IN AMBIENT MOBILE PROPRIETARY LIMITED
BY A SUBSIDIARY OF THE COMPANY


INTRODUCTION
Shareholders are advised that Huge Telecom Proprietary Limited
(Huge Telecom), a wholly-owned subsidiary of the Company, has
disposed of three shares (the Shares) in Ambient Mobile
Proprietary Limited (Ambient), to the Taung Trust (Taung)
(represented by Vincent Mokhele Mokholo, a trustee of Taung
and the Executive Chairman of Huge), for a disposal
consideration of R3 (the Disposal). The Disposal is regarded
as a related party disposal in accordance with paragraph
21.11(c) of the JSE Listings Requirements which requires that
all transactions with related parties must be announced
irrespective of the size of the transaction.

NATURE OF BUSINESS OF AMBIENT
Ambient, which prior to the Disposal was a subsidiary company
of Huge Telecom Proprietary Limited (Huge Telecom), which in
turn is a wholly owned subsidiary company of Huge, provides
bulk short messaging service platforms to Huge and various
subsidiary companies of Huge as well as to third parties.

RATIONALE FOR THE DISPOSAL
The Disposal is in line with Huge Telecom’s strategic intent
of streamlining operations and focusing on core business
activities.

CONDITIONS PRECEDENT
The Disposal is subject to the following conditions precedent:
-   The granting of all regulatory and statutory approvals
    insofar as they may be necessary in law and / or required
    by the JSE Limited;
-   The delivery by Taung to Huge Telecom of a copy of a board
    resolution of the board of directors of Ambient approving
    the disposal of the Shares to Taung;
-   The delivery by Huge of a copy of a board resolution of
    the board of directors of Huge Telecom authorising the
    sale of the Shares;
-   The delivery by Huge to Taung of a copy of a resolution of
    the board of directors of Huge authorising the sale of the
    Shares by Huge Telecom; and
-   The delivery by Taung to Huge Telecom of an irrevocable
    written waiver by the other shareholders of Ambient of all
    pre-emotive and similar rights pertaining to the Shares.

EFFECTIVE DATE OF THE DISPOSAL
The Disposal shall be effective on the closing date, being a
date agreed to in writing by Huge Telecom and Taung provided
that such date shall be a minimum of one and a maximum of
seven days after the waiver or fulfilment, as the case may be,
of all of the conditions precedent.

PRO FORMA FINANCIAL EFFECTS
No pro forma financial effects of the Disposal have been
prepared due to the negligible effect which the Disposal will
have on the financial results of Huge.

Johannesburg
15 January 2014

Date: 16/01/2014 08:33:00 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