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VISUAL INTERNATIONAL HOLDINGS LIMITED - Detailed cautionary announcement regarding the signing of a subscription agreement with Phab Properties Pty Ltd

Release Date: 23/05/2014 17:43
Code(s): VIS     PDF:  
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Detailed cautionary announcement regarding the signing of a subscription agreement with Phab Properties Pty Ltd

VISUAL INTERNATIONAL HOLDINGS LIMITED
(Formerly Presto Financing Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407 Share code: VIS


DETAILED CAUTIONARY ANNOUNCEMENT REGARDING THE SIGNING OF A SUBSCRIPTION AGREEMENT
WITH PHAB PROPERTIES PROPRIETARY LIMITED


The Company is pleased to advise that an agreement has been signed with Phab
Properties Proprietary Limited (“Phab Properties”) in relation to the subscription for
32 000 000 shares at the higher of a 10% discount to the 30 day Volume-Weighted-
Average-Price (“VWAP”) or 50 cents per share (“the subscription price”) under the
Company’s general authority to issue shares for cash.

The agreement provides for an immediate subscription for 400 000 shares at 50 cents
amounting to R200 000, with the balance of 31 600 000 shares at the subscription price,
being a minimum of R15 800 000, payable on or before 30 June 2014. A further
announcement in this regard will be made in due course.

Phab Properties is a subsidiary of Phab Holdings Proprietary Limited (“Phab”), which is
a black owned women’s group with interests in construction, media, finance and mining.
On conclusion of the subscription, Phab will nominate a director for appointment to the
board of Visual and will be actively involved in growing the Visual group of companies.

An application to list the initial 400 000 shares at 50 cents is being made to the
Johannesburg Stock Exchange on confirmation of receipt of funds.

Accordingly, shareholders are required to exercise caution when dealing in their shares
until a further announcement is made.

By order of the Board
Johannesburg
23 May 2014

Designated Advisor                                 Auditor and Reporting Accountants
Arcay Moela Sponsors                                         Baker Tilly Greenwoods

Lead Funding Arranger                                                Property Valuer
Prescient Wealth Management                                 Adval Valuation Centre cc

Attorneys                                                                 Stockbroker
Van Der Merwe & Robertson                                               Imara SP Reid

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