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ECSPONENT LIMITED - Fulfilment of conditions precedent in respect of small related party transactions and circular to shareholders

Release Date: 29/02/2016 16:38
Code(s): ECS     PDF:  
Wrap Text
ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
("the Company" or "Ecsponent")



FULFILMENT OF CONDITIONS PRECEDENT IN RESPECT OF TWO SMALL RELATED PARTY TRANSACTIONS AND CIRCULAR TO SHAREHOLDERS IN RESPECT OF A FURTHER RELATED PARTY TRANSACTION Related party transactions:
Shareholders are referred to the announcement, dated 1 December 2015, which contained details, inter alia, of the related party transactions detailed below. Shareholders are advised that the Company has received opinions from an independent professional expert that these related party transactions are fair and accordingly the suspensive conditions relating thereto have been fulfilled and the transactions will become effective today, 29 February 2016. Return on Innovation Proprietary Limited ('ROI')
Ecsponent entered into a purchase agreement in respect of the acquisition of Ecsponent Capital (RF) Limited's ('Ecsponent Capital') 51 ordinary shares ('Sale Shares') in ROI for a consideration of R1 500 000, which Sale Shares represent 51% of the ordinary share capital of ROI. Ecsponent Capital is the holding company of Ecsponent and accordingly a related party to Ecsponent.
Ecsponent Credit Services Proprietary Limited ('Ecsponent Credit Services')
Ecsponent Credit Services, a subsidiary of Ecsponent, entered into a disposal agreement with Ecsponent Business Finance Proprietary Limited ('EBF') in respect of certain debtor books of Ecsponent Credit Services to EBF for a consideration of R9 000 000. EBF is a subsidiary of Ecsponent Capital and accordingly a related party to Ecsponent and its subsidiaries. Circular to shareholders
Shareholders are referred to the SENS announcement released on 1 December 2015 in which they were advised that a circular setting out the details of a further related party transaction would be posted to them on or about 29 February 2016.
Shareholders are now advised that an extension has been granted by the JSE Limited in respect of the finalisation of the aforementioned circular and that the circular will be posted by no later than 31 March 2016. Pretoria 29 February 2016 Sponsor and Independent Expert to Ecsponent Questco (Pty) Ltd
Date: 29/02/2016 04:38:00 Supplied by www.sharenet.co.za 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.

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