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CONTROL INSTRUMENTS GROUP LIMITED - Further Cautionary Announcement

Release Date: 14/01/2014 10:17
Code(s): CNL     PDF:  
 
Wrap Text
Further Cautionary Announcement

CONTROL INSTRUMENTS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
Share Code: CNL
ISIN: ZAE000001665
(“Control Instruments” or “the Group”)


FURTHER CAUTIONARY ANNOUNCEMENT


Shareholders are referred to the cautionary announcements dated 29 November 2013 and
13 December 2013 issued by the Group and specifically the cautionary announcement
issued by Torre Industrial Holdings Limited on 13 January 2014.


In terms of the cautionary announcement issued yesterday, Torre Holdings Proprietary
Limited (“Torre”) has advised that it is contemplating proposing a scheme of arrangement
(“the Scheme”) in terms of section 114 of the Companies Act No. 71 of 2008 (“Companies
Act”) in respect of Control Instruments.


Torre has stated in its cautionary announcement that if successfully implemented the
Scheme would result in Torre owning 100% of the shares in Control Instruments and that the
anticipated transaction price of the Scheme is R1.40 per Control Instruments share, but at
this stage remains subject to the conclusion of a due diligence exercise (which it has advised
is expected to be completed on or before 31 January 2014).


Shareholders of Control Instruments are advised to continue to exercise caution when
dealing in the shares of Control Instruments, until a further announcement is made.

Johannesburg
14 January 2014

Sponsor
Investec Bank Limited

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