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Update on Cancellation of shares,Redemption of Ordinary shares and Cautionary Announcement
SACOVEN PLC
(Incorporated in Jersey under the Companies (Jersey) Law 1991
(Company number 110296)
AIM Share code: SCN
JSE Share code: SCV
ISIN: JE00B7YH8W36
(“Sacoven” or the “Company”)
Update regarding Proposed Cancellation of Admission to Trading on AIM and Delisting
from the Alt-X and Proposed Redemption of Ordinary Shares and
Cautionary Announcement
On 13 October 2016, the Company announced that the directors of the Company had resolved it was no
longer desirable to make or otherwise pursue an acquisition in accordance with the Company’s
investment policy and, as such, did not propose seeking further approval at the Company’s AGM, to be
held on 31 October 2016, for the continuation of its investment policy. As a consequence, it was proposed
that the admission of the Company’s shares to trading on AIM is cancelled and such shares are delisted
from the Alt-X (the “Delisting”) and the Company’s shares be redeemed by the Company in accordance
with the provisions set out in the articles of association.
As noted at the time, for the redemption to take effect, shareholders representing the majorities required
by the rules of AIM and the Alt-X, respectively, would be required to vote in favour of the Delisting at a
general meeting of shareholders (the “EGM”).
The Company has prepared a circular in connection with both the redemption process and for the
purposes of convening the EGM which requires, amongst other things, the prior approvals of (i) the JSE
Limited and (ii) the South African Reserve Bank before the Company is able to publish the circular and
distribution it to its shareholders.
The Company now anticipates being able to publish the circular on or around 9 November 2016. At such
time, the Company will provide an update to the timetable previously notified on 13 October 2016 in
relation to the Delisting and redemption processes although it is still anticipated that these processes will
be completed during December 2016.
Shareholders are advised that the new developments stated above may have a material effect on the
price of the company’s securities. Accordingly, Shareholders are advised to exercise caution when
dealing in the company’s securities until a full announcement regarding the Delisting and redemption
process is published.
28 October 2016
The information contained within this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in the public domain.
JSE Sponsor AIM Nominated Adviser and Broker
KPMG Services Proprietary Limited Liberum Capital Limited
Clayton Bush Christopher Britton
Tel: 020 3100 2000
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