VISUAL INTERNATIONAL HOLDINGS LIMITED - Cancellation of Phase 2 Acquisition of 18.9% in Mosegedi and Associates Pty Limited

Cancellation of Phase 2 Acquisition of 18.9% in Mosegedi and Associates Pty Limited

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


CANCELLATION OF PHASE 2 ACQUISITION OF 18.9% IN MOSEGEDI AND ASSOCIATES
                      PROPRIETARY LIMITED (“MOSEGEDI”)


Shareholders are referred to the previous announcements between 1 March 2017
and 23 August 2017 relating to the acquisition of an interest in Mosegedi in two
separate Phases, with Phase 1 being the acquisition of 31.2% with effect from
1 March 2017 and Phase 2 being the acquisition of 18.9% in the following year,
subject to a number of conditions precedent. A number of requests for the
extension of time for posting of the Mosegedi Circular were submitted to the JSE due
to the delay in finalising the audits of Mosegedi for the years ended 29 February 2016
and 28 February 2017 in accordance with full IFRS, which is required for a Category
1 circular.

Shareholders are advised that due to the audit of the Mosegedi financial statements
still being incomplete due to problems with the year ended 29 February 2016 (which
has a knock on impact into the year ended 28 February 2017), the parties have
agreed not to proceed with Phase 2 of the acquisition of Mosegedi.

A circular to shareholders to approve the Phase 2 acquisition of an increased
shareholding in Mosegedi is accordingly no longer required.

Visual and Mosegedi intend to work together to grow both businesses.

Cape Town
24 October 2017

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

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