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Voluntary Update on Suspension
VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
(“the Company” or “Visual”)
ISIN Code: ZAE000187407 Share code: VIS
VOLUNTARY UPDATE ON SUSPENSION
In accordance with paragraph 1.6 of the JSE Listings Requirements which deals with the
suspension of a company’s securities by the Johannesburg Stock Exchange (“JSE”),
shareholders are advised that the Company’s progress on implementing the transaction
announced last year and the final restructure have taken longer than anticipated, along
with the intended capital raise.
Whilst the Company has been approached by a number of parties relating to intended
investment and had signed agreements, implementation was outside the control of Visual,
partly due to the economic conditions in the country.
Accordingly, the audit for the year ended 28 February 2019 has been further delayed.
However, Visual itself has implemented the disposal of Stellendale Junction, restructured
and downsized the Company as well as settled a large number of the creditors during 2019.
Operating costs have also been substantially reduced ensuring the sustainability of the
Visual Group and positioning itself for growth in the future.
Once the audit has been completed, the Annual Report finalised and posted to
shareholders and the Company has complied with the necessary JSE Listings Requirements,
an application will be made for the lifting of the suspension. It is the intention of the
Company to conclude the audit for the year ended 29 February 2020 at the same time as
the 2019 audit. The Company has filed an extension request with the Companies Tribunal.
Johannesburg
1 April 2020
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
Date: 01-04-2020 09:00:00
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