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Finalisation of Sale of Stellendale 3, Agreement for the Issue of Shares for Cash and Renewal of Cautionary
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
FINALISATION OF SALE OF STELLENDALE 3, AND AGREEMENT FOR THE ISSUE OF SHARES FOR CASH
AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Stellendale 3
Shareholders are referred to the announcements published on 2 August 2016, 16 September 2016
and 14 October 2016 relating to the disposal of land known as Stellendale 3 to Uvest Housing
Portfolio 2 (RF) Proprietary Limited for a consideration of R15 million. The directors are pleased to
advise that all the conditions precedent have now been met and the attorneys have been
instructed to proceed with the transfer of the land.
Issue of shares for cash
Shareholders are advised that Visual has agreed to a subscription of 33 333 333 Visual shares for
cash for at a subscription price of R0.15 per share, totalling R5 million (“General Issue”), of which
R250 000 has been received with the balance payable within ten (10) business days following the
lifting of the suspension of trade in the Company’s securities. The issue will be made under the
Company’s general authority to issue shares for cash.
The General Issue will constitute 15.48% of Visual’s issued share capital. This, together with previous
issues since the approval of the general authority to issue shares for cash on 26 October 2015,
exceeds 5% of the issued share capital at that date. The cumulative percentage is 22.28% of the
total issued share capital of the Company. The General Issue shares will be of a class already in
issue.
The shares will be issued at a 10% discount to the premium of the 30-day volume weighted average
price immediately prior to the suspension of trade in the Company’s securities on 1 July 2016 and at
the price that the shares were suspended. The terms were accepted by the board of Visual on
26 October 2016.
The issue of shares is to a member of the public as defined in the JSE Limited Listings Requirements.
The proceeds of the General Issue will be utilised to reduce debt, assist with working capital
requirements of the Company and the commencement of developmental projects.
Renewal of Cautionary Announcement
Shareholders are referred to the cautionary announcement issued on 14 October 2016 and are
advised that the Company is still in acquisition negotiations further details of which will be
announced in due course. Shareholders are accordingly advised to continue to exercise caution
when dealing in their shares until a further announcement is made.
Johannesburg
24 November 2016
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
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