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M-FITEC INTERNATIONAL LIMITED - Update on Acquisition of Viable Assets and Trading Statement

Release Date: 25/05/2017 10:23
Code(s): MFI     PDF:  
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Update on Acquisition of Viable Assets and Trading Statement

M FiTEC International Limited
Incorporated in the Republic of South Africa
(Registration number 2015/294800/06)
Share code: MFI ISIN: ZAE000209607
(“the Company” or “M-FiTEC”)


UPDATE ON ACQUISITION OF VIABLE ASSETS AND TRADING STATEMENT


M-FiTEC is a Special Purpose Acquisition Company (“SPAC”) constituted in terms of section 4 of
the JSE Listings Requirements. The purpose of a SPAC is to pursue the acquisition of a viable
asset.

Shareholders are referred to the announcement published on 15 March 2017 relating to the
acquisition of viable assets by the Company. The acquisition by a SPAC of viable assets requires
that a circular be prepared, setting out inter alia, full details of the Viable Assets Acquisition, and the
audited financial history of the targets, in this case the three separate groups. In addition, because
the Company is listed on the AltX, the JSE Listings Requirements prescribe that a detailed Business
Plan containing substantially all the financial information required for the circular be approved by the
AltX Advisory Committee before the approvals process for the circular can be started.

In view of the length of time required to follow all the processes applicable to an AltX listed SPAC,
including the requirement for February 2017 audited annual financial statements for two of the
groups, the JSE has afforded the Company until 30 June 2017 to distribute the circular to
shareholders.

The circular is currently being prepared and, subject to the approval of the JSE, is expected to be
distributed to M-FiTEC shareholders on or about 23 June 2017.

Further, in terms of the JSE Listings Requirements, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to be
reported on will differ by more than 20% from that of the previous corresponding period.

Accordingly, a review of the financial results for the eleven month period ended 28 February 2017
by management has indicated that the earnings per share (“EPS”) and headline earnings per share
(“HEPS”) is expected to be 8.13 cents, compared to the EPS and HEPS of 2.48 cents for the 7 month
period ended 31 March 2016.

The financial information on which this trading statement is based has not been reviewed or reported
on by the Company’s auditors. The Company’s annual financial results are expected to be released
on SENS on or about 29 May 2017.


Johannesburg
25 May 2017

Designated Adviser
Merchantec Capital

Date: 25/05/2017 10:23:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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