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JASCO ELECTRONICS HOLDINGS LIMITED - Disposal of the Electrical Manufacturers division and withdrawel of cautionary announcement

Release Date: 11/10/2019 14:30
Code(s): JSC     PDF:  
 
Wrap Text
Disposal of the Electrical Manufacturers division and withdrawel of cautionary announcement

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC            ISIN: ZAE000003794
("Jasco" or “the Group”)


DISPOSAL OF THE ELECTRICAL MANUFACTURERS DIVISION AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT


Shareholders are referred to the detailed terms announcement released on SENS on 4 October 2019,
which advised that Jasco, through its wholly owned subsidiary Jasco Trading (Pty) Limited, has entered
into a sale of business agreement with African Zaibatsu Corporation (Pty) Limited (“AZC”) (“Disposal
Agreement”). In terms of the Disposal Agreement, AZC will acquire 100% of the Electrical
Manufacturers Division (“EM”), as a going concern from Jasco Trading (Pty) Limited for a maximum
expected aggregate purchase price of R65 million (“the Disposal”).

PROFIT AND NET ASSET VALUE ATTRIBUTABLE TO EM

Shareholders are advised that net assets of EM, included in the audited group annual financial
statements for the 12 months ended 30 June 2019, was R76.9 million, including cash on hand of R15.4
million. The net operating profit after tax attributable to the net assets of EM for the same period was
R6.5 million. The audited annual financial statements for the 12 months ended 30 June 2019 was
prepared in accordance with IFRS.

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

Shareholders are advised that all of the detailed terms relating to the Disposal has now been released
and that caution is no longer required to be exercised by shareholders when dealing in their securities.

Midrand
11 October 2019


Legal Advisor to Jasco
Rashaad Sujee Legal


Corporate Advisor to Jasco
SamuelKennedy Investments (Proprietary) Limited


Joint Corporate Advisor and Sponsor
Grindrod Bank Limited

Date: 11/10/2019 02:30:00
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