| Mon 26 May 2008, 17:00 | | ACT - Afrocentric Investment Corporation Limited - Results Of General Meeting |
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ACT ACTP
ACT
ACT - Afrocentric Investment Corporation Limited - Results Of General Meeting
AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Codes: ACT, ACTP
ISIN numbers: ZAE000078416, ZAE000082269
("AfroCentric" or "the Company")
Results of general meeting
Results of general meeting
A general meeting of AfroCentric shareholders was held today to consider the
proposed acquisition by the Company of a 34.9% interest in Jasco Electronics
Holdings Limited ("Jasco") ("the Acquisition") from Community Investments
Holdings (Proprietary) Limited ("CIH"), and the proposed subscription for 40 000
cumulative redeemable preference shares in Iningi Investments 180 (Proprietary)
Limited ("the Subscription"), collectively, "the Transactions".
Shareholders are advised that at the general meeting all the resolutions
proposed thereat to approve the Transactions were passed by the requisite
majority of shareholders present in person or by proxy.
Remaining conditions precedent
Save for the approval of the Securities Regulation Panel ("SRP") to grant
dispensation, following the waiver granted by Jasco shareholders at the Jasco
general meeting held today, to waive the requirement for CIH and AfroCentric to
make a mandatory offer to all Jasco shareholders, all conditions precedent for
the Acquisition have been met. It is anticipated that this dispensation will be
obtained from the SRP by the latest close of business on Tuesday, 27 May 2008.
In terms of the Subscription, all conditions precedent have been met save for
the registration of the special resolutions passed by Jasco shareholders today
with the Registrar of Companies.
Shareholders will be informed when all the remaining conditions precedent have
been fulfilled and the Transactions have therefore become effective
26 May 2008
Johannesburg
Investment bank and Sponsor Legal advisers to
transactional sponsor AfroCentric
Nedbank Capital Sasfin HR Levin Attorneys,
Notaries and
Conveyancers
Legal advisers to CIH / Corporate Advisers to Legal advisers to Jasco
Malesela CIH/Malesela
Rothbart Inc. Sinergi Corporate Roussouws Attorneys
Advisors
AfroCentric Auditors
SizweNtsaluba VSP
Date: 26/05/2008 17:00:36 Produced by the JSE SENS Department.
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