To view the PDF file, sign up for a MySharenet subscription.

GLOBAL ASSET MANAGEMENT LIMITED - Update: Section 112 Related Party Relinquishment of Control by Global of LFS Assets (Pty) Ltd

Release Date: 07/05/2019 09:00
Code(s): GAM     PDF:  
 
Wrap Text
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.


Johannesburg
7 May 2019

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 07/05/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story