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GLOBAL ASSET MANAGEMENT LIMITED - Further update Section112 Rel PartyRelinquishment of control by GAM of LFS-lapse of sub agreement and Cautionary Ann

Release Date: 31/05/2019 15:03
Code(s): GAM     PDF:  
 
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Further update Section112 Rel PartyRelinquishment of control by GAM of LFS-lapse of sub agreement and Cautionary Ann

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”)

•   FURTHER UPDATE: SECTION 112 RELATED PARTY RELINQUISHMENT OF CONTROL BY GLOBAL OF
    LFS - LAPSE OF SUBSCRIPTION AGREEMENT
•   CAUTIONARY ANNOUNCEMENT

Lapse of Subscription Agreement
Shareholders are referred to the announcement released on SENS on 19 February 2019
regarding the Subscription Agreement entered into between LFS and Main Street (“the Terms
Announcement”), and the subsequent announcement released on SENS on 7 May 2019
regarding the extension of the date for the fulfillment of the conditions precedent to the
Subscription Agreement. Capitalised terms contained in this announcement shall bear the
same meanings ascribed thereto in the Terms Announcement.

Shareholders are hereby advised that the Subscription Agreement has now lapsed due to the
non-fulfillment of certain conditions precedent.

Cautionary announcement
The Company’s intention to effectively dispose of its interest in LFS has not changed and it will
resume discussions with other or previously interested parties regarding the disposal of LFS or the
reduction by Global of its effective shareholding in LFS on similar terms as previously agreed to
with Main Street (“Potential Transaction”).

The Potential Transaction may have a material effect on the price of Global’s securities and,
accordingly, shareholders are advised to exercise caution when dealing in their Global
securities until a further announcement in respect of the Potential Transaction is made and the
cautionary in this regard is withdrawn.

Johannesburg
31 May 2019

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

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