GO LIFE INTERNATIONAL LIMITED - Announcement in respect of the comprehensive restructuring of the Co, related implications & litigation at a subsid

Announcement in respect of the comprehensive restructuring of the Co, related implications & litigation at a subsid

GO LIFE INTERNATIONAL LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 098177 C1/GBL)
SEM share code: GOLI.N0000
JSE share code: GLI ISIN: MU0330N00004
(“the Company” or “Go Life”)


ANNOUNCEMENT IN RESPECT OF THE COMPREHENSIVE RESTRUCTURING OF THE COMPANY AND
RELATED IMPLICATIONS, AS WELL AS LITIGATION AT A SUBSIDIARY


The Board of Directors of Go Life would like to inform the public that Go Life will be undertaking
a comprehensive restructuring of its business. This has been brought about as a result of a
number of developments that necessitated a comprehensive review of the business.

1. Go Life Healthcare Limited, one of the subsidiaries of Go Life, was placed in liquidation on
   21 November 2019 as a result of a subordinated shareholder loan from a shareholder
   dispute unrelated to the Company. The Directors believe there is merit to appealing this
   outcome and intend to do so. The Directors believe that a business rescue intervention
   would be a more suitable intervention. This will not have a direct bearing on other
   subsidiaries in the group.
2. The Go Life Board has mandated the CEO to review the possible restructuring and or
   disposal of the Bonhealthcare Property portfolio and revert urgently to the Board with a
   recommendation as part of the comprehensive restructure of the business to focus more
   on consumer focused products and healthcare applications.
3. The Board has resolved that in addition to the existing directors, as part of the restructuring
   effort, more directors will be appointed to the Board over the next calendar year in order
   to strengthen governance in terms of best practice. The Board is advising shareholders that
   the implementation of the above will be a positive development for the Company and
   put it in good stead to implement its long term plans. The details outlined above will be
   the subject at the next Annual General Meeting, the date of which will be published in due
   course.

Go Life has its primary listing on the Stock Exchange Mauritius and a secondary listing on the
AltX of the JSE.

By order of the Board
22 November 2019

Executive Directors:                                                  Non-Executive Directors:
Mxolisi Motau                                                          Mohamed Yusuf Sooklall
Marthinus Johannes Wolmarans                                 Jean Daniel Laurent Paulin Marie

JSE Sponsor:
Arbor Capital Sponsors (Pty) Limited

Date: 22/11/2019 02:00:00
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