ABO - Absolute Holdings Limited - Disposal of 100% of absolute tiles
ABO
ABO
ABO - Absolute Holdings Limited - Disposal of 100% of absolute tiles
(Proprietary) Limited ("Absolute Tiles")
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO ISIN No: ZAE000062998
("Absolute" or "the Company")
DISPOSAL OF 100% OF ABSOLUTE TILES (PROPRIETARY) LIMITED ("Absolute Tiles")
In line with Absolute`s stated strategy of transforming itself into a resources
exploration and development company, shareholders are advised that the Company
has, in terms of a Memorandum of Agreement dated 5 February 2009, accepted an
offer by Christopher John Crossman (on behalf of a company to be formed) to
purchase 100% of the issued share capital in and claims against Absolute Tiles,
a wholly owned subsidiary of the Company, with effect from 1 March 2009, for an
aggregate purchase consideration of R500 000 ("the disposal").
Absolute Tiles supplies tiles to the property development industry and has two
retail outlets in Fourways and Pretoria.
The disposal will further assists in cleaning up the Company`s investments on
the balance sheet and is in line with the Company`s strategic direction of
establishing itself as a junior mining company.
Despite the current volatile economic conditions, Absolute will continue to
evaluate various exciting investment opportunities and remain committed to
laying the foundations for the Company to be a growth platform for selected
exploration and development projects.
Johannesburg
11 February 2009
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 11/02/2009 10:27:35 Produced by the JSE SENS Department.
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