JASCO ELECTRONICS HOLDINGS LIMITED - Update on M-Tec Transaction and conditions precedent

Update on M-Tec Transaction and conditions precedent

JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC
ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)


UPDATE ON M-TEC TRANSACTION AND CONDITIONS PRECEDENT

Shareholders are referred to the detailed terms announcement
released on SENS on 17 July 2015, the subsequent announcement
released on 14 September 2015 and the results of general meeting
announcement released on 10 November 2015, relating to the
agreement entered into between Jasco Cables Investments
Proprietary Limited’s (“Jasco Cables”), a wholly owned
subsidiary of Jasco, Community Investment Holdings Proprietary
Limited (“CIH”), a related party, and Malesela Holdings No.1
Proprietary Limited (“MH1”), a wholly owned subsidiary of CIH,
in terms of which, MH1 will acquire Jasco Cables’ 51.1%
shareholding in Malesela Taihan Electric Cable Proprietary
Limited (“M-TEC”) for an aggregate purchase price of R60 million
(the “Transaction”).

The trading update released on SENS on 13 January 2016, advised
the market that the Competition Commission approval was still
outstanding and that was expected in the near future.

Shareholders are hereby advised that all the conditions
precedent to the Transaction have either been fulfilled or
waived, as the case may be.

The following conditions precedent prolonged the completion of
the Transaction:
- Competition Commission approval, which was received on 29
  February 2016; and
- Acknowledgment from Investec Bank acknowledging the sellers
  interests in the CIH shares, which was waived on 17 March 2016.

Accordingly, the Transaction is now unconditional in accordance
with the terms of the Transaction agreement and the effective
date will be 1 May 2016. The effective date was delayed between
the parties as the conditions precedent listed above took longer
than expected to complete.

Midrand
18 March 2016

Sponsor
Grindrod Bank Limited

Date: 18/03/2016 03:10:00 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.