JASCO ELECTRONICS HOLDINGS LIMITED - Update on the acquisition of Reflex Solutions Proprietary Limited

Release Date: 01/06/2017 14:00
Code(s): JSC
 
Wrap Text
Update on the acquisition of Reflex Solutions Proprietary Limited

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC            ISIN: ZAE000003794
("Jasco" or “the Group”)


UPDATE ON THE ACQUISITION OF REFLEX SOLUTIONS PROPRIETARY LIMITED


Shareholders are referred to the detailed terms announcement released on SENS on 25 May 2017
advising shareholders that Jasco has entered into a sale of shares agreement (“Transaction
Agreement”) with Mr. Greg Wilson and Mr. David Robinson (“the Vendors”) and Reflex Solutions
Proprietary Limited (“Reflex”). In terms of the Transaction Agreement, Jasco will acquire 51% of Reflex
for a maximum aggregate purchase price of R39.78 million (“the Transaction”).
The conclusion of the Transaction was subject to the fulfilment or waiver of certain suspensive
conditions, which include, but are not limited to:

-       delivery by the Vendors, to Jasco, of written proof that the counterparties to key supplier and
        customer agreements have consented to the transaction contemplated in the sale of shares
        and claims agreement and to the change of control of Reflex; and
-       any other suspensive conditions, as may be necessary in relation to the Transaction.


Shareholders are advised that the suspensive conditions to the Transaction have been met and
accordingly, the Transaction is now unconditional in accordance with the terms of the Transaction
Agreement.

Midrand
1 June 2017


Sponsor
Grindrod Bank Limited


Legal Advisor to Jasco
Rashaad Sujee Legal


Corporate Advisor to Jasco
SamuelKennedy Investments (Proprietary) Limited

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