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Detailed Cautionary Announcement regarding the Proposed Acquisition of Agilitee SA (Pty) Ltd
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
ISIN code: ZAE000187407 Share code: VIS
(“Visual” or “the Company”)
DETAILED CAUTIONARY ANNOUNCEMENT REGARDING THE PROPOSED ACQUISITION OF AGILITEE
SOUTH AFRICA PROPRIETARY LIMITED (“AGILITEE SA”)
Shareholders are advised that the Company has signed a term sheet for the proposed acquisition
of Agilitee SA from Agilitee Proprietary Limited (“Agilitee Africa”), which company is ultimately
controlled by Mandla Lamba. The acquisition will be undertaken on the basis of a share for share
acquisition. The acquisition will be a related party transaction as defined in the JSE Listings
Requirements and Mandla Lamba and his associates will be precluded from voting on the
acquisition.
Description of business
Agilitee SA is a subsidiary of Agilitee Africa, the first electric vehicle manufacturer in Africa, and is at
the forefront of the 4th industrial revolution in electric vehicles, and more importantly, green
technology is the future, with the aim to change the continent to driving clean energy solutions and
carbon reduction. The Agilitee team is pioneering, researching, importing, assembling,
manufacturing, and franchising electric vehicles technology. The Electric Vehicle solutions include
battery swapping stations and solar charging facilities, across Africa.
On the property side, Visual will be involved in the role out of the Agilitee franchise sites, including
the acquisition and managing of properties.
Rationale
Aside from enhancing the property business of Visual, the acquisition will serve to diversify the group,
without have reliance on one sector. From an Agilitee perspective, partnering with Visual will
enable it to springboard its growth in the listed environment.
Conditions precedent
The acquisition will be Category One transaction and is subject to a number of conditions
precedent, including a due diligence, a formal legal agreement being signed, regulatory
approvals as well as the approval of Visual shareholders in general meeting.
Cautionary announcement
The Company still needs to conduct a due diligence, the final valuation needs to be determined
and financial information still needs to be obtained and published. Accordingly, shareholders are
advised to exercise caution when dealing in their securities until a further announcement is made.
CAPE TOWN
28 May 2021
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 28-05-2021 12:05:00
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