Update: Section 112 Related Party Relinquishment of Control by Global of LFS Assets (Pty) Ltd
GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM ISIN: ZAE000173498
("Global" or “the Company”)
UPDATE: SECTION 112 RELATED PARTY RELINQUISHMENT OF CONTROL BY GLOBAL OF LFS ASSETS
PROPRIETARY LIMITED (“LFS”) (the “Transaction”)
Update on the Transaction
Shareholders are referred to the announcement dated 19 February 2019 regarding the
Subscription Agreement entered into between LFS and Main Street, with the effective date of
the Transaction being 1 February 2019, in terms of which it has been agreed that LFS will issue,
and Main Street will subscribe for, 198 000 LFS shares (representing 99% of LFS’s total issued share
capital) and that Main Street will become the controlling shareholder in LFS, with Global
retaining a nominal shareholding in LFS (“Terms Announcement”). Words and expressions in this
announcement shall have the same meaning as assigned to them in the Terms Announcement.
The Subscription Agreement was subject to a number of conditions precedent, the main
condition being the confirmation of funding. The terms of the Subscription Agreement have
been extended and it is expected that the outstanding conditions precedent will be fulfilled or
waived on or before 14 June 2019. The Company also advises that it has been required to
appoint a separate Independent Expert to opine on the related party transaction from the
Independent Expert that has opined on the fairness and reasonableness of the Transaction. This
has delayed the submission of the circular to the JSE.
The Company will apply to the JSE for an extension of the posting date of the circular. A further
announcement will be made in due course.
7 May 2019
Arbor Capital Sponsors Proprietary Limited
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