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ACSION LIMITED - Update on Listing

Release Date: 03/12/2014 10:45
Code(s): ACS     PDF:  
Wrap Text
Update on Listing

ACSION LIMITED
Incorporated in the Republic of South Africa
Registration number 2014/182931/06
Share code: ACS ISIN: ZAE000198289
(“Acsion” or “the Company”)

UPDATE ON LISTING

Reference is made to the abridged pre-listing statement (“pre-listing statement”) of the company released on the Stock
Exchange News Service on Tuesday, 25 November 2014 detailing the proposed listing of Acsion shares (“Listing”) on the
main board of the securities exchange operated by the JSE Limited (“JSE”).

Acsion has confirmed to the JSE that the Restructure Transaction referred to in the pre-listing statement has been
implemented. The Listing will take effect from Tuesday, 9 December 2014.

The board of directors of Acsion has, in spite of significant interest to participate in the Private Placing of Acsion shares
referred to in the pre-listing statement, decided not to proceed with the Private Placing and accordingly the Listing will
proceed by way of an introduction of the Company’s shares on the main board of the securities exchange operated by the
JSE.

Acsion’s exceptionally low gearing of 7% provides significant headroom for additional funding which is sufficient to fund
the Company’s medium term growth.


UPDATE ON LITIGATION STATEMENT IN THE PRE-LISTING STATEMENT

Subsequent to the publication of the pre-listing statement, a former shareholder of one of the Company’s subsidiaries,
Golden Falls Trading 125 Proprietary Limited (“Golden Falls”), served a summons on inter alia Ioleni Holdings Proprietary
Limited (“Ioleni Holdings”), which is also a subsidiary of the Company. The relief sought by the former shareholder is the
return to the former shareholder of the shares in Golden Falls which the former shareholder sold to Ioleni Holdings and
others in 2009 (the “Claim”). At the time the shares concerned comprised 25% of the issued shares in Golden Falls. The
Company has consulted with counsel who have advised, based on the information made available to them, that the Claim
does not have a reasonable prospect of success. The Claim is therefore not expected to have a material effect on the
Listing or the financial position of the Company.


3 December 2014
Johannesburg

Sponsor
Investec Bank Limited

Attorneys
Read Hope Phillips Thomas & Cadman Inc.

Independent reporting accountants and auditors
Ernst and Young Inc.

Independent Valuer
Peter Parfitt, Quadrant Properties Proprietary Limited

Communications Advisor
Instinctif Partners

Transfer Secretaries
Computershare Investor Services Proprietary Limited

Date: 03/12/2014 10:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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