| Thu 13 Nov 2008, 13:29 | | BWK - Buildworks - Results Of General Meeting And Cautionary Announcement |
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BWK
BWK
BWK - Buildworks - Results Of General Meeting And Cautionary Announcement
Buildworks Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
Share Code: BWK & ISIN: ZAE000110219
("Buildworks" or "the Company")
RESULTS OF GENERAL MEETING AND CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the Buildworks announcement released on the Stock
Exchange News Service of the JSE Limited on 21 July 2008 and to the circular to
Buildworks shareholders dated 20 October 2008 ("the Circular") setting out the
terms and conditions of the proposed acquisition ("Proposed Acquisition") by
Buildworks of the entire issued share capital of Consolidated Power Projects
(Proprietary) Limited ("CONCO"), including, inter alia, the approval of the
Proposed Acquisition by the requisite majority of Buildworks shareholders in
general meeting ("General Meeting").
Shareholders are hereby advised that, at the General Meeting convened on
Wednesday, 12 November 2008, all of the special and ordinary resolutions, as set
out in the Circular, were approved unanimously by Buildworks shareholders, with
the exception of ordinary resolution 1 which was approved by a 99.9% majority.
Furthermore, to fulfil the condition precedent that the Company raise the
requisite capital to fund the total cash component of the Proposed Acquisition
("Requisite Capital") the Company has recently completed a roadshow to selected
strategic, institutional and retail investors ("Roadshow"). The only remaining
condition precedent to the Proposed Acquisition remains the raising of the
Requisite Capital and in this regard, the Company has received interest from
prospective investors to subscribe for new Buildworks shares at a price of
between 75 to 80 cents to fund the Requisite Capital. Accordingly, the Company
is currently engaged in negotiations with such prospective investors to ensure
that the terms and conditions of the offers are satisfactory to both the
Company, vendors of CONCO and prospective investors. Accordingly, Buildworks
shareholders are advised to exercise caution when dealing in Buildworks shares
until such time as a further announcement is made.
Shareholders are referred to Buildworks` website (www.buildworksgroup.co.za) for
a copy of the presentation presented on the Roadshow.
Sandton
13 November 2008
Investment bank Designated advisor Legal advisor to Legal advisor
and transaction to Buildworks the transaction to Buildworks
sponsor to
Buildworks
(Investec (Java Capital (TW Ferguson logo) (ENS logo)
Corporate Finance logo)
Logo)
Independent reporting Legal advisor to Independent Experts
accountants and CONCO
auditors to Buildworks
(PKF logo) (DLA Cliffe Dekker (PKF Corporate Finance logo)
Hofmeyer logo)
Date: 13/11/2008 13:29:01 Produced by the JSE SENS Department.
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