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HCI
HCI
HCI - Hosken Consolidated Investments Limited - Announcement
Hosken Consolidated Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI ISIN: ZAE000003257)
("HCI")
Further announcement in respect of the transaction between HCI and Fabvest
Investment Holdings Limited ("Fabvest") relating to the acquisition by HCI of
the remaining 50% of the shares held by Fabvest in Fabcos Investment Holding
Company Limited ("the Fabvest transaction")
1. Introduction
Shareholders of HCI are referred to the announcements published by HCI on
the Securities Exchange News Service of the JSE Limited and in the press on
29 November 2006,on 18 January 2007 ("the January 2007 announcement") and
on 15 March 2007 , regarding the Fabvest transaction, in terms of which HCI
effectively acquired an indirect 19% interest in Tsogo Investment Holding
Company (Pty) Limited.
Shareholders were advised in such announcements that the Fabvest
transaction had become unconditional and was implemented in December 2006.
Shareholders were also advised that, with the exception of the Mpumalanga
Gambling Board ("the MGB"), the Fabvest transaction had been approved by
all of the other relevant Gambling Boards (i.e. the KwaZulu-Natal Gambling
Board, the Eastern Cape Gambling and Betting Board and the Gauteng Gambling
Board).
Ruling of the Mpumalanga Gambling Board dated 17 January 2007
Shareholders were advised in the January 2007 announcement that the MGB had
refused HCI`s application for the approval of the Fabvest transaction, that
HCI did not accept such ruling, and that HCI intended to take appropriate
legal action to protect its interests.
HCI has subsequently filed an application in the High Court of South Africa
(Transvaal Provincial Division) ("the High Court") for the ruling of the
MGB to be reviewed and set aside and, pending the final determination of
the review application, for the MGB to be interdicted from requiring HCI to
dispose of the Fabvest interest. The MGB has elected not to oppose the
interdictory relief and has consented to an order being granted by the High
Court in this regard, per agreement between the parties, which order was
handed down by the High Court on 15 May 2007.
Shareholders will be informed of material developments in regard to the
continued prosecution of the review application from time to time.
15 May 2007
Cape Town
Sponsor Legal Advisor Corporate
Advisor
Investec Corporate Edward Nathan HJS
Finance Sonnenbergs
Date: 15/05/2007 17:14:05 Produced by the JSE SENS Department.
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