Conduit - CICL Update And Renewal Of Cautionary Announcement

Conduit - CICL Update And Renewal Of Cautionary Announcement                    
Conduit Capital Limited                                                         
(formerly IMR Investments Limited)                                              
Incorporated in the Republic of South Africa                                    
(Registration number 1998/017351/06)                                            
Share code: CND & ISIN: ZAE000073128                                            
("Conduit" or "the company")                                                    
CICL INVESTMENT HOLDINGS (PROPRIETARY) LTD ("CICL") UPDATE AND RENEWAL OF       
CAUTIONARY ANNOUNCEMENT                                                         
UPDATE ON CICL TRANSACTION                                                      
Shareholders are referred to the announcement dated 16 March 2006 in relation to
the acquisition by Conduit of a significant controlling interest (in excess of  
75%) in CICL.                                                                   
As indicated in the previous announcement Conduit is raising the cash portion of
the purchase price payable in terms of the CICL transaction together with the   
amount required by Black Ginger 92 (Proprietary) Limited (CICL"s empowerment    
partner) to refinance its investment in CICL by a combination of preference     
share funding and the issue of Conduit shares for cash.                         
Conduit has received commitments in respect of the majority of the capital      
required and is in discussions with various parties in respect of the balance.  
Based on these discussions Conduit is highly confident that it will have raised 
all the necessary capital by the date required, being 31 May 2006.              
All of the remaining conditions to the CICL transaction have been fulfilled save
for the necessary regulatory and shareholder approvals.                         
FINANCIAL EFFECTS, FURTHER DOCUMENTATION AND RENEWAL OF CAUTIONARY              
The CICL transaction will have a material financial impact on Conduit, however  
the pro forma financial effects of the CICL transaction can only be determined  
once the terms of the funding have been finalised. Accordingly, shareholders are
advised to continue exercising caution when dealing in the company"s shares     
until a further announcement is made.                                           
A circular containing full details in relation to the transaction and           
incorporating a notice of general meeting will be sent to Conduit shareholders  
within 28 days of the date of the announcement setting out the financial effects
of the transaction.                                                             
Melrose Arch                                                                    
3 May 2006                                                                      
Corporate advisor, legal advisor and transaction sponsor                        
Java Capital (Proprietary) Limited                                              
Sponsor                                                                         
Merchant Sponsors (Proprietary) Limited                                         
Date: 03/05/2006 05:23:05 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department