|
ABO
ABO
ABO - Absolute Holdings Limited - Intended rights offer, trading statement,
and Restructuring of group
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO ISIN No: ZAE000062998
("Absolute" or "the company")
ANNOUNCEMENT OF INTENDED RIGHTS OFFER, TRADING STATEMENT, AWARD OF MINING
LICENCES, CONCLUSION OF MANAGEMENT AGREEMENT WITH UNION TILES PRETORIA EAST
(PTY) LTD ("UNION TILES") AND RESTRUCTURING OF GROUP
1. Announcement of intended rights offer
The directors of Absolute have resolved to raise approximately R14 794
164 by way of a renounceable rights offer of new Absolute shares to
shareholders on the basis of a subscription price of 6 cents per
rights offer share, in the ratio of one rights offer share for every 3
Absolute shares held. The rights offer will be partially underwritten
by Calulo Resources (Pty) Ltd, the company`s principal shareholder.
Shareholders will be advised of the salient dates of the rights offer
in due course. The proforma financial effects will be announced in due
course.
2. Trading statement
Shareholders are advised that the company expects to report a loss per
share and headline loss per share of between 90% to 110% for the
financial year ended 30 June 2007 compared to the prior year. In this
regard shareholders are referred to paragraph 4 below.
The financial information, on which this trading statement is based,
has not been reviewed or reported on by the company`s auditors.
3. Award of mining licences
The directors are pleased to announce that the company received the
duly executed mining right for the Quartzite deposit in the Northern
Cape. The mining operations are expected to commence during August
2007, and shareholders are referred to paragraph 1 above in relation
to capital raising in regards to the mining operations.
4. Conclusion of management agreement with Union Tiles and restructuring
of group
As a voluntary announcement, shareholders are further advised that
Absolute has appointed Union Tiles to manage Absolute Tiles
(Proprietary) Ltd ("Absolute Tiles"). Union Tiles will be the
exclusive supplier of imported tiles and natural stone to Absolute
Tiles, thereby extending Absolute`s premium offering to the market.
Union Tiles also has a 12 month option to acquire 50% of the issued
share capital of Absolute Tiles subject to shareholder approval, if
applicable at that point in time.
In anticipation of the conclusion of the management agreement with
Union Tiles, the group has been restructured to effect the transfer
of ownership of The Absolute Coleccion (Proprietary) Limited from
Absolute Tiles (Proprietary) Limited, directly to Absolute.
Johannesburg
1 August 2007
Date: 01/08/2007 17:06:00 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. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
