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VUNANI LIMITED - Issue of shares for cash

Release Date: 27/10/2014 14:45
Code(s): VUN     PDF:  
Wrap Text
Issue of shares for cash

VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000163382
(“Vunani” or “the company”)

ISSUE OF SHARES FOR CASH

1. Introduction

The board of directors of Vunani is pleased to advise shareholders that
Mion Holdings Proprietary Limited (“Mion”) has subscribed for 6 250 000
ordinary shares in Vunani Limited at a cash price of R1.60 per share
amounting to 5.45% of the company’s current shares in issue.

This issue of shares for cash is made in accordance with the general
authority granted to directors to allot and issue ordinary shares, as
approved by shareholders at the annual general meeting of the company held
on 18 July 2014, (the “General Issue of Shares for Cash”)

2. Details of the general issue of shares for cash
The general issue of shares for cash represents 5.45% of current shares in
issue. The cash price of R1.60 per share was agreed between the parties on
14th October 2014 and there is no discount to the 30-day VWAP price as at
the 13th October 2014.

3. Rationale for the general issue of shares for cash
Mion is a BEE company that was established in 2003. Mion is an active
investment holding company with investments across various sectors
including:
• Marine & shipping
• Engineering & Manufacturing
• Gaming
• Energy
• Industrials (Phosphate and Gold mining)

Mion has a long history of working with Vunani and understands and shares
the company’s vision. The general issue of shares for cash will result in a
closer alignment of Vunani and Mion’s interests, which will enhance the
development and growth of Vunani.

The general issue of shares for cash is expected to improve Vunani’s BEE
shareholding as well as the spread of shareholders to include long-term
strategic investors.

4. Intended use of funds from the general issue of shares for cash

Vunani undertakes investment activities as part of its day-to-day
activities. The cash received from Mion for the general issue of shares
will form part of Vunani’s cash resources that have been earmarked to fund
future investment opportunities.

27 October 2014
Sandton

Designated Adviser
Grindrod Bank Limited

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