MCU - m Cubed - Request for voluntary suspension i
MCU
MCU
MCU - m Cubed - Request for voluntary suspension in the trading of m Cubed
shares on the JSE
m Cubed Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014568/06)
Share code: MCU & ISIN: ZAE000033353
("m Cubed" or "the company")
REQUEST FOR VOLUNTARY SUSPENSION IN THE TRADING OF m CUBED SHARES ON THE JSE
Shareholders are referred to numerous cautionary announcements since 2005, the
last of which was published on SENS on Monday, 18 June 2007, in which
shareholders were advised that m Cubed`s primary objective is to dispose of all
of its operational assets and unlock and redistribute value to m Cubed
shareholders. m Cubed has essentially achieved this objective with m Cubed`s
last remaining material operational asset being m Cubed Life Limited("mCL").
A reinsurance transaction, the details of which were published on SENS on
Thursday, 22 March 2007, has been concluded between mCL and Alternative Channel
Limited, to reinsure the policyholders` book in mCL. This effectively means that
Alternative Channel Limited has assumed responsibility for the proper
administration of the policyholders` business with effect from the 1 March 2007,
and ensures that the policyholders` affairs are being administered by an
experienced group of people, in a professional manner, and is well looked after.
All premiums payable by reinsured policyholders are paid over to Alternative
Channel Limited in order to effect the reinsurance and administration of such
policies. A circular will be posted to shareholders within 28 days to approve
same.
As announced in the latest renewal of cautionary published on SENS on Monday, 18
June 2007, the company still has other matters outstanding with the South
African Revenue Services ("SARS"), namely to resolve tax assessments that have
been raised against subsidiaries of m Cubed. The tax assessments if successful
may have a material negative impact on m Cubed and its shareholders, although
legal opinions obtained by m Cubed indicate that m Cubed has a good chance of
defending such claims.
The directors have thus requested the JSE Limited to suspend trading in m
Cubed`s shares, with immediate effect, until such matters with SARS have been
resolved or progress has been made to have more certainty regarding such
matters. The board is positive that such matters can be resolved and believe
that the voluntary suspension, whilst not ideal, is the best alternative and in
the best interest of m Cubed shareholders.
A further announcement will be made to shareholders as soon as the company is in
a position to finalise the abovementioned matters or have more certainty in
respect of same.
Stellenbosch
13 July 2007
PSG Capital (Pty) Ltd - Sponsor and corporate adviser
Date: 13/07/2007 13:21:01 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
