To view the PDF file, sign up for a MySharenet subscription.

JASCO ELECTRONICS HOLDINGS LIMITED - Further update on M-Tec Transaction

Release Date: 09/05/2016 08:55
Code(s): JSC     PDF:  
Wrap Text
Further update on M-Tec Transaction

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”)

FURTHER UPDATE ON M-TEC TRANSACTION

Shareholders are referred to all previous related announcements
including the detailed terms announcement released on SENS on 17
July 2015, the subsequent announcement released on 14 September
2015, the results of general meeting announcement released on 10
November   2015  and   the   update   on  conditions   precedent
announcement released on 18 March 2016.

The aforementioned announcements relate 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”).

In the update announcement released on SENS on 18 March 2016
shareholders were advised that all outstanding conditions
precedent have been fulfilled or waived and accordingly the
Transaction has become unconditional with the effective date of
the Transaction being 1 May 2016.

In terms of the Transaction agreement Jasco Cables will be paid
in the following manner:

  -   R20 million will be paid on the effective date of 1 May
      2016; and
  -   R40 million will be paid through monthly instalments of
      capital and interest over the repayment period commencing
      1 November 2016 and ending 31 May 2019.

Jasco would hereby like to inform shareholders that the first
tranche payment of R20 million has been received in terms of the
provisions set out in the Transaction agreement.

Midrand
9 May 2016

Sponsor
Grindrod Bank Limited

Date: 09/05/2016 08:55:00 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.

Share This Story