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HUGE GROUP LIMITED - Distribution of a circular to shareholders

Release Date: 04/11/2019 16:10
Code(s): HUG     PDF:  
 
Wrap Text
Distribution of a circular to shareholders

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Company”)


DISTRIBUTION OF A CIRCULAR TO SHAREHOLDERS


Shareholders are referred to the announcement released on SENS on 30 August 2019
relating to the conclusion of Executive Option Agreements between the Company
and certain executive directors, which agreements are regarded as related party
transactions (Transactions) and require approval by shareholders.

The Company is required to issue a circular to shareholders containing, inter alia,
information relating to the Transactions and the convening of a general meeting of
shareholders (Circular).

The Circular is required to include the pro forma effects of the Transactions on the
most recent financial results of the Company, which are currently the results of the
Company for the year ended 28 February 2019, as included in the Integrated Report
which had previously been circulated to shareholders.

In compiling the Circular, the Company is required to include a fairness opinion in
respect of the Transactions. The Company decided to delay obtaining the fairness
opinion until after the publication of the Company’s interim results for the six months
ended 31 August 2019 (Interim Results). This has resulted in a delay in finalising the
Circular.

The Company is of the view that it is more meaningful to shareholders if the fairness
opinion and pro forma effects of the Transactions were based on the Interim Results.
Accordingly, the pro forma financial information to be included in the Circular will be
based on the Interim Results.

The JSE has condoned the delay in distributing the Circular and has granted the
Company until the end of January 2020 to do so. The Company expects to publish its
Interim Results prior to 29 November 2019.

Johannesburg
4 November 2019

Transaction Sponsor
Questco Proprietary Limited

Date: 04/11/2019 04:10:00
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