CONSOL HOLDINGS LIMITED - Decision not to proceed with the initial public offering

Release Date: 25/04/2018 11:36
Code(s): CNH
 
Wrap Text
Decision not to proceed with the initial public offering

Consol Holdings Limited
(formerly Consol Holdings Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number:2005/034965/06)
JSE Share Code: CNH
ISIN: ZAE000223053

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, AUSTRALIA
OR ANY OTHER JURISDICTION WHERE IT MAY BE UNLAWFUL TO DISTRIBUTE THIS
ANNOUNCEMENT.

DECISION NOT TO PROCEED WITH THE INITIAL PUBLIC OFFERING

On 16 April 2018, Consol Holdings Limited (“Consol” or the "Company") published a pre-listing
statement in relation to a private placement of ordinary shares in the Company (the “Offer”) and the
listing of its ordinary shares on the Main Board of the JSE Limited.

In light of challenging market conditions, the board of directors and shareholders of Consol have
resolved that the prevailing environment is not conducive to the Offer achieving their valuation
objectives and that it would not be in the best interests of the Company to proceed with the Offer at the
current time.

The Company would like to thank potential investors for their engagement and interest throughout the
process.

Consol remains focussed on delivering upon its growth strategies in South Africa and Rest of Africa,
including the commissioning of its new facility in Ethiopia later this year. Consol remains confident in
the outlook for its business and the markets in which it operates.

Enquiries:

Consol
Mike Arnold                      Tel: +27 (11) 874 0000
Karuna Nayager

Aprio
Julian Gwillim                   Tel: +27 (11) 880 0037
Joanne Botha


Wadeville
25 April 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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