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MZR
MZR
MZR - Mazor Group Limited - Introduction of a black economic empowerment
("bee") shareholder
Mazor Group Limited
(formerly Main Street 590 (Pty) Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2007/017221/06)
Share code: MZR & ISIN: ZAE000109823
("Mazor" or "the company")
INTRODUCTION OF A BLACK ECONOMIC EMPOWERMENT ("BEE") SHAREHOLDER
1. Introduction
Mazor is pleased to announce the introduction of Cloudberry Investments
18 (Pty) Limited ("Cloudberry Investments"), a company controlled by
Abubaker Varachhia, as a BEE shareholder with 14.7% of the issued share
capital of Mazor.
2. The transaction
Doba Judith Mazor and Shlomo Mazor, the founding shareholders, ("the
vendors") have entered into an agreement effective 22 November 2007 with
Cloudberry Investments 18 (Pty) Limited ("Cloudberry Investments") in
terms of which Cloudberry Investments will acquire 18 000 000 Mazor
ordinary shares for a total consideration of R58 140 000 ("the
acquisition consideration") ("the BEE transaction"). As the shares were
sold to Cloudberry Investments by the founding shareholders, there will
be no dilution to other Mazor shareholders. Save for the right to
nominate a director to the board of Mazor, the company has given no
representation or warranties to Cloudberry Investments in terms of the
BEE transaction.
Cloudberry Investments has agreed to a lock-in period of 2 years from the
effective date. The sale shares transferred to Cloudberry Investments
will be held in trust until the expiry of the lock-in period.
3. Cloudberry Investments 18 (Pty) Limited
Cloudberry Investments is a black controlled investment company owned 51%
by Abubaker Varachhia and 49% by Trematon Capital Investments Limited.
Abubaker Varachhia is the managing director of Letchmiah, Daya &
Varachhia (Pty) Limited, one of the largest quantity surveying firms in
South Africa. Trematon Capital Investments Limited is an investment
company with interests in listed and unlisted companies and property.
4. Board representation
Cloudberry Investments will have the right to appoint one director to the
Mazor board for as long as it holds not less than 10% of the issued
shares of the company. Abubaker Varachhia has been appointed as a non-
executive director with effect from 22 November 2007.
Johannesburg
22 November 2007
Corporate and Designated Advisor: Bridge Capital Advisors (Pty) Limited
Legal adviser: Webber Wentzel Bowens
Date: 22/11/2007 16:25:01 Produced by the JSE SENS Department.
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