SNV - Santova-Issue of shares and sale of Supply C
SNV
SNV
SNV - Santova-Issue of shares and sale of Supply Chain Insurance Brokers (Pty)
Ltd
SANTOVA LOGISTICS LIMITED
(Registration Number 1998/018118/06)
(Formerly Spectrum Shipping Limited)
Share Code: SNV & ISIN: ZAE000090650
("Santova" or "the company")
Issue of Shares and Sale of Supply Chain Insurance Brokers (Pty) Ltd
Issue of Shares
Shareholders are referred to the announcements dated 30 June 2006 and 13
September 2006.
In the former announcement Santova announced the acquisition of Impson Freight
(Pty) Ltd for the issue of 428 400 000 shares in total, payable in tranches or
as and when a profit warranty of R10,8 million before tax is achieved.
The board is pleased to announce that the R10,8 profit before tax warranty was
achieved and Santova has issued and listed the balance of the shares, being 210
000 000 shares.
In the second announcement referred to above relating to the acquisition of
Leading Edge Insurance Brokers (Pty) Ltd, the board is pleased to announce that
the first year warranty has been achieved and the board has issued the requisite
4 286 490 shares.
Supply Chain Insurance Brokers (Pty) Ltd
The board is authorised to announce that in addition to Leading Edge Insurance
Brokers (Pty) Ltd the company had an additional inactive insurance license in
its subsidiary, Supply Chain Insurance Brokers (Pty) Ltd, which it did not need
once it had acquired Leading Edge Insurance Brokers (Pty) Ltd. This company has
been sold to Crescendo Management Services (Pty) Ltd, a company related to Mr.
Moses Tembe, a director of Santova, for R320 000,00 payable in cash.
Although the above transaction is not a related party transaction, as classified
by the JSE Listings requirements as it is less than 10% of all the requisite
ratios, the following additional information is disclosed:
* The effective date will be 28 February 2007;
* The approval, if applicable, of all relevant statutory bodies including but
not limited to JSE, SRP and FSB will be sought; and
* The subsidiary did not trade and had no assets or liabilities and therefore
the sale has no financial effect on the financial position of Santova
either before or after the transaction;
June 26, 2007
Designated and Corporate Advisor
River Group
Date: 26/06/2007 15:10:00 Produced by the JSE SENS Department.
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