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HULISANI LIMITED - Additional Disclosure and Renewal of the Cautionary Announcement

Release Date: 08/11/2016 15:59
Code(s): HUL     PDF:  
Wrap Text
Additional Disclosure and Renewal of the Cautionary Announcement

HULISANI LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2015/363903/06)
Share code: HUL ISIN: ZAE000212072
(“Hulisani” or “the Company”)

ADDITIONAL DISCLOSURE AND RENEWAL OF THE CAUTIONARY ANNOUNCEMENT

1.   INTRODUCTION

Shareholders are referred to the announcement released on SENS
on 27 September 2016 wherein the Company announced that it had
entered into a share subscription and share repurchase agreement
with Red Cape Investments Proprietary Limited (“Red Cap”) and
Eurocape Renewables Proprietary Limited (“Eurocape”) and their
respective shareholders whereby Hulisani will acquire the entire
issued share capital of Red Cap and Eurocape (“the
Acquisition”).

Red Cap is a 5.46% shareholder in the Kouga Wind Farm located
in the Kouga region of the Eastern Cape, a round 1, 80 megawatt
Renewable Energy Independent Power Producer Procurement Project
(“the Kouga Project”). Euro Cap is a 1.21% shareholder in the
Kouga Project.

2.   ADDITIONAL INFORMATION

In terms of the Acquisition, Red Cap and Eurocape have
provided warrantees that, inter alia, they shall have no
liabilities or assets other than the shares in the Kouga
Project on the effective date of the Acquisition.

Shareholders are advised that the take-on balance sheet
reflects a book value of the net assets of Red Cap for the
year ended 29 February 2016 of R47 733 800 and a profit of
R24 945 081 post the adjustments for the removal of all assets
and liabilities other than those relating to the Kouga
Project.

Shareholders are advised that the take-on balance sheet
reflects a book value of the net assets of Eurocape for the
year ended 29 February 2016 of R100 and a profit of R0 post
the adjustments for the removal of all assets and liabilities
other than those relating to the Kouga Project.

Hulisani confirms that nothing contained in the memoranda of
incorporation of either Red Cap or Eurocape will frustrate
Hulisani from complying with the Listings Requirements of the
JSE Limited in any way.

3.   RENEWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are advised that the Company is in further
discussions on the acquisition of additional assets within the
renewable energy sector, which may have a material effect on the
price of the Company’s securities.

Shareholders are advised to continue to exercise caution when
dealing in the Company’s securities until a further announcement
is made.

Johannesburg
8 November 2016

Sponsor and Corporate Advisor: PSG Capital Proprietary Limited

Date: 08/11/2016 03:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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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,
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