| Thu 6 Aug 2009, 8:00 | | AFG - Afgem Limited - Termination Of Listing |
|
AFG
AFG
AFG - Afgem Limited - Termination Of Listing
Afgem Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/007292/06)
JSE share code: AFG ISIN: ZAE000067757
("Afgem" or the "Company")
1. TERMINATION OF LISTING
Shareholders are referred to the announcements dated 4 December 2008, 21
November 2008 and 17 October 2008 respectively, and are advised that not all the
conditions precedent regarding the disposal in terms of section 228 of the
Companies Act, 1973 (Act 61 of 1973), as amended, by Afgem of its entire
shareholding in Simolotse Mine (Pty) Limited, Afgem Diamonds (Pty) Limited and
Bokang Mine (Pty) Limited as well as its claims on loan account against these
companies (the "disposal") to MEEPO Investment Consortium (Pty) Limited
("MEEPO") were fulfilled. Accordingly, the disposal agreement concluded between
Afgem and MEEPO, containing the terms and conditions of the disposal, lapsed on
23 May 2009 and is of no further force or effect.
Application was made to and granted by the JSE Limited (the "JSE") for the
termination of listing of Afgem from the Main Board of the JSE List.
2. RATIONALE
The ability of Afgem to continue as a going concern remains in question as a
result of the disposal not being implemented. The Company is unable to pay its
debts as they become due in the ordinary course of business. In addition, Afgem
is in breach of the Listings Requirements of the JSE relating to continuing
obligations of suspended companies.
The Company will continue to evaluate possibilities for the sale of its assets
in an unlisted environment. The proceeds from such a sale will be used to pay
creditors and any remaining monies will be distributed to Afgem shareholders.
3. IMPORTANT DATES AND TIMES
2009
Last day to trade Friday, 21 August
Record date Friday, 28 August
Termination of listing on the JSE at the commencement of Monday, 31 August
business on
Share certificates may not be dematerialised or rematerialised after Friday, 21
August 2009.
The above-mentioned times are subject to change. Any change to the above dates
and times will be advised to Afgem shareholders by release on the Securities
Exchange News Service.
Melrose Arch
6 August 2009
Sponsor
Macquarie First South Advisers (Pty) Limited
Date: 06/08/2009 08:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
