IND - IFS - Suspension of listing pending acquisit
IND
IND
IND - IFS - Suspension of listing pending acquisitions or investments
INDEPENDENT FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration no. 1950/037061/06)
Ordinary share code: IND & ISIN: ZAE000025300
("IFS" or "the company")
- Suspension of listing pending acquisitions or investments
- Proposed capital raising, change of name and nature of business and
transfer of the listing to an appropriate sector of the Main Board
Shareholders are referred to the announcement dated 25 January 2007 in
which it was stated, inter alia, that IFS had become a cash company and
that IFS had six months to make acquisitions qualifying it for continued
listing, failing which the listing on the JSE Limited ("the JSE") would be
suspended and terminated three months later.
The listing of IFS has been suspended with effect from the commencement of
trade today. The listing will be terminated at the end of September 2007
unless IFS makes acquisitions or investments before such date, qualifying
it for the lifting of the suspension.
The company has received irrevocable commitments from certain institutional
and retail investors to subscribe for new IFS ordinary shares of R88
million at an issue price of 100 cents per share plus a further R20 million
block on the same pricing terms, but subject to vendor funding. All the
commitments are subject to IFS`s continued listing and the listing on the
JSE of such new IFS shares.
IFS intends conducting business as an investment holding company and has
already completed a due diligence and agreed pricing and all fundamental
terms for a significant minority investment in a company which will result
in the utilisation of approximately R30 million of the company`s funds post
the proposed issuance of new shares.
IFS will endeavour to conclude further investments, that are currently the
subject of negotiation, within the next two months pursuant to which IFS
will apply to the JSE for the lifting of the suspension and the transfer of
its listing to an appropriate sector.
Prior to such transfer of its listing, IFS proposes to procure shareholder
approval, at a General Meeting of IFS shareholders, to:
increase its authorised share capital;
change its name to better reflect the company`s new corporate identity and
nature of business;
raise the abovementioned capital from the institutional and retail
investors concerned (from whom irrevocable undertakings to invest have
already been procured) by way of a specific issue of shares for cash; and
adopt a new Memorandum and Articles of Association.
Johannesburg Sponsor: PSG Capital (Pty) Limited
19 July 2007 Legal advisers: Fluxmans
Date: 19/07/2007 17:02:01 Produced by the JSE SENS Department.
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