Wrap Text
Voluntary update on suspension, progress and renewal of cautionary announcement
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407 Share code: VIS
Voluntary update on suspension, progress and renewal of cautionary announcement
In accordance with paragraph 1.6 of the JSE Listings Requirements which deals with the suspension
of a company’s securities by the Johannesburg Stock Exchange (“JSE”), shareholders are advised
that the Company’s audit for the year ended 29 February 2016 has commenced.
In addition, the Company reports that it has made good progress in its plans and provides further
information following the announcements made on SENS on 28 June 2016, 28 July 2016 and
2 August 2016 as follows:
1. Disposal of land to Mergence Africa Property Fund (Pty) Ltd
Shareholders are referred to the announcement made on 28 July 2016 and are advised that
the transfer has been completed and the proceeds on disposal have been received this
week. The company is now in the process of concluding a development agreement for the
land with Mergence Africa Property Fund (Pty) Ltd.
2. Disposal of other non-core assets
The Company sold the remaining 7 houses it owned in Stellendale Village for R4 million, which
proceeds will be used to settle bonds of approximately R3 million resulting in net proceeds of
approximately R1 million to Visual, which will be applied to substantially reduce the SARS
liability (“the Disposal”).
Details of the purchaser
All 7 houses were purchased by Charson Property Trust (IT10955/2004) of 34 Oxford Street,
Durbanville, 7550; represented in the deeds of sale by Galileo Advisory Services (Pty) Ltd.
Details of the units sold in terms of the Disposal
The Company sold its 7 remaining houses in Stellendale Village, Kuils River, Cape Town;
situated on erven 18611, 18649, 18654, 18660, 18676, 18708, 18650.
Rationale for Disposal
The Company regarded these 7 houses as non-core assets, and sold these in order to settle
bonds and a SARS liability.
Effective date
The effective date will be the date of transfer of the units.
Condition precedent
There are no conditions precedent, other than the actual transfer of the properties into the
name of the purchaser.
Other significant terms
There are no other significant terms in the agreement.
Financial information
The 7 houses were valued for R5.025m in the Company’s books. A loss of R1.025m was realised
upon disposal.
Categorisation
The Disposal is a Category 2 transaction in terms of the Johannesburg Stock Exchange Listings
Requirements for AltX listed companies and shareholder approval is accordingly not required.
The Purchaser is not a related party to Visual.
3. Disposal of undeveloped serviced land
As announced on SENS on 2 August 2016, the Company has signed an agreement with UVest
Housing Portfolio 2 (RF) Proprietary Limited (“UVest”) for the disposal of serviced undeveloped
land for R15 million. Whilst UVest is satisfied with its due diligence, an institutional shareholder
has asked for an extension of time for the due diligence to 30 September 2016. The
Company expects that this agreement will be implemented and a further announcement will
be made after 30 September 2016.
4. Cash flow constraints, going concern and Reportable Irregularity
The Company is no longer experiencing severe cash flow constraints following the recent
inflow of funds and the company is in the process of paying directors, SARS, as well as its
auditors, secured lenders and other service providers. The Company will be addressing the
issue of the previous Reportable Irregularity with its auditors as part of the audit process.
The board is of the view that, due to the actions taken, the recent and future expected inflow
of funds, payments made and/or payment arrangements having been agreed with the
majority to the Company’s creditors, will serve to regularise this situation and bring creditors
and secured creditors within terms.
5. Publication of results
The Company expects the audit to be finalised in the first two weeks of October 2016,
whereafter it will publish its audited results for the year ended 29 February 2016.
Renewal of Cautionary Announcement
Pursuant to the above, shareholders are accordingly advised to continue to exercise caution when
dealing in their shares until a further announcement is made.
Johannesburg
16 September 2016
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
Date: 16/09/2016 09:01:00 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.
Sharenet Sites 
