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GDH
GDH
GDH - Good Hope - Announcement to shareholders regarding the disposal of the
assets of the company and further cautionary announcement
Good Hope Diamonds (Kimberley) Limited
(Incorporated in the Republic of South Africa)
(Registration number 1983/013789/06)
Share code GDH ISIN ZAE000050381
("GHDK" or "the company")
ANNOUNCEMENT TO SHAREHOLDERS REGARDING THE DISPOSAL OF THE ASSETS OF THE COMPANY
AND FURTHER CAUTIONARY ANNOUNCEMENT
1. Introduction
The board of directors of GHDK wishes to advise shareholders that the
company has entered into an agreement in terms of which it will dispose of
all its assets, comprising the Frank Smith and Loxton Dal mines (held
through subsidiaries), to KMG Diamond Resources (Proprietary) Limited
("the disposal").
The agreement governing the disposal, containing terms and conditions
which are normally found in transactions of this nature, is subject to
certain conditions precedent.
2. Rationale for the disposal
The board is of the opinion that the disposal is in the best interests of
shareholders, given that, as part of and in the process of implementing
the disposal, the litigation between the company and various parties will
have been finally settled.
3. Financial effects of the disposal and the settlement
A further announcement detailing the financial effects of the disposal on
the company will be published in due course.
4. Effect of the disposal on the listing of the company
The disposal will result in the company being classified as a "cash shell"
in terms of the JSE Listings Requirements and should it, within a period
of six months after such classification, fail to enter into an agreement
relating to the acquisition of viable assets that satisfy the conditions
for listing in the JSE Listings Requirements, its listing will be
suspended.
5. Further cautionary announcement
Shareholders of the company are urged to continue to exercise caution in
trading in the shares of the company until the further announcement
referred to above is published.
By order of the board.
Johannesburg
3 March 2008
Corporate adviser and sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 03/03/2008 07:05:07 Produced by the JSE SENS Department.
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