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HUGE GROUP LIMITED - Update on proposed acquisition of Centracom Proprietary Limited

Release Date: 08/12/2015 09:10
Code(s): HUG     PDF:  
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Update on proposed acquisition of Centracom Proprietary Limited

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

Update on proposed acquisition of Centracom Proprietary Limited

Shareholders are referred to the detailed cautionary announcement published on SENS on
1 October 2015 in which Huge informed shareholders that it had concluded a memorandum
of agreement (the “MOA”) with Centratel Group Investments Proprietary Limited and the
Trustees for the time being of the Centracom Employees Trust (collectively “the Relevant
Shareholders”), which contemplated the acquisition by Huge of 100% of the issued share
capital of Centracom Proprietary Limited (“Centracom”) and the total amount owing by
Centracom to the Relevant Shareholders on shareholders loan accounts for a total purchase
consideration of R81 600 000 (the “Purchase Consideration”).


The MOA contemplated the manner in which the Purchase Consideration would be funded
by Huge. Huge and the Relevant Shareholders have been contemplating an alternative
funding arrangement but have been unable to reach agreement thereon.


Accordingly the MOA has lapsed and is of no further force or effect, save for any
confidentiality undertakings owed by each of the parties to the other.


Johannesburg
8 December 2015


Designated Adviser: Questco Proprietary Limited

Date: 08/12/2015 09:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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