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AUA
AUA
AUA - Avusa Limited - Unbundling of OpCo and clarification on recent media
speculation
Avusa Limited
(formerly Johnnic Communications Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1889/000352/06)
Share code: JCM
ISIN: ZAE000107090
("Avusa" or "the company")
Unbundling of OpCo and clarification on recent media speculation
Avusa shareholders are reminded of the announcement dated 11 April 2007 advising
them of the proposal to separate the businesses of Avusa into two listed
entities. This will be achieved by the formation of a new wholly-owned
subsidiary ("OpCo") that will acquire 100% of all Avusa`s directly-held
operating media and entertainment assets. Following this, it is proposed to
simultaneously unbundle the shares in OpCo to the Avusa shareholders and list
OpCo on the JSE (collectively, the "corporate restructure"). The corporate
restructure is well on track to be implemented towards the end of the first
quarter of 2008 and an announcement in this regard will be published shortly.
Avusa shareholders are referred to the recent media speculation with regard to a
purported offer by Koni Media Holdings (Proprietary) Limited ("Koni") to acquire
the issued share capital of Avusa, which offer does not constitute a firm
intention to make an offer as contemplated in the Securities Regulation Code on
Takeovers and Mergers. The board of directors of Avusa has subsequently received
further correspondence from Koni to acquire the operating media and
entertainment assets of Avusa. As indicated above, such assets are the subject
matter of corporate restructuring and a separate listing, and are therefore not
for sale at this juncture. Accordingly, the latest purported offer does not
require the involvement of the Securities Regulation Panel ("SRP"), and this
view has been confirmed by the SRP in discussions between representatives of
Avusa and the SRP.
The board of directors of Avusa remains of the opinion that the aforementioned
corporate restructure will maximise shareholder value.
Johannesburg
13 February 2008
Investment Bank and Sponsor
Nedbank Capital
Attorneys
Werksmans Attorneys
Date: 13/02/2008 13:48:30 Produced by the JSE SENS Department.
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