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JSC - Jasco Electronics Holdings - Preference share redemption
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003293/06)
Share Code: JSC & ISIN: ZAE000003794
("Jasco" or "the company")
JASCO ELECTRONICS HOLDINGS LIMITED PREFERENCE SHARE REDEMPTION
Shareholders are reminded that as part of the group`s Black Economic
Empowerment transaction, Jasco acquired the issued share capital in
Tasslelane Investments (Pty) Ltd ("Tasslelane") from Community Investment
Holdings (Pty) Ltd ("CIH") on 1 March 2003. The purchase consideration was
settled through the issue of 20 919 499 ordinary shares and 29 884 633
preference shares. CIH obtained a 30% shareholding in Jasco through the
ordinary shares, while the preference shares gave CIH voting control.
These preference shares are due to be redeemed and a number of ordinary
shares (still to be calculated based on previously agreed performance
targets) will be issued shortly after the conclusion of the audit for the
year ended 29 February 2008. The Board of Jasco therefore deems it prudent
to remind shareholders of the structure of the transaction to assist them in
forecasting the number of ordinary shares likely to be issued and the
resultant effect on Jasco`s diluted earnings per share.
The details of the transaction and the method for calculating the number of
ordinary shares can be found in the Investor Relations section of the group`s
website www.jasco.co.za. Queries can be addressed to Martin Lotz, group CEO,
or Warren Prinsloo, financial director, on 011 802 8933 or
mlotz@jascohq.co.za or wprinsloo@jascohq.co.za .
27 November 2007
Sponsor: Sasfin Corporate Finance
Date: 27/11/2007 11:58:01 Produced by the JSE SENS Department.
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