SJL - S&J Land Holdings Limited - Withdrawal of cautionary announcement
SJL
SJL
SJL - S&J Land Holdings Limited - Withdrawal of cautionary announcement
S&J LAND HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1988/000139/06
"S&J" or "the Company"
Share Code: SJL & ISIN: ZAE000009965
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcements on SENS on 16 April 2009, 29 May
2009, 13 July 2009, 24 August 2009 and 8 October 2009 confirming the
postponement of the JSE Limited`s proposed termination of the listing of the
Company`s shares ("the Termination") and detailing the proposed reverse listing
into S&J of the iBurst Africa (Proprietary) Limited and iBurst SA (Proprietary)
Limited assets held by Galela Telecommunication Holdings (Proprietary)
Limited("Galela") (all inclusive "the Acquisition").
The main focus of the iBurst Africa business is providing broadband to the
African market in countries such as Ghana, DRC, etc. Foreign investors have
communicated a preference to invest in an offshore entity so as to limit the
effect of fluctuations in the rand to the USD exchange rate on the results of
iBurst Africa. iBurst Africa and S&J is therefore exploring the creation of an
offshore vehicle that will inward list on the JSE Limited. This is subject to
Reserve Bank approval and proposals will be presented to the South Africa
Reserve Bank to implement same.
Subsequently, this will result in Galela not using the S&J listed vehicle for
its listing. The S&J board of directors will in due course decide if they will
invest in the Galela vehicle in 2010 when it is introduced to the market.
Accordingly, shareholders of the Company will be advised of any further
developments in due course.
Shareholders are accordingly advised that it is no longer necessary to exercise
caution.
25 November 2009
Bryanston
For and on behalf of the Board of Directors:
DCL WASSUNG
Sponsor: QuestCo Sponsors (Proprietary) Limited)
Date: 25/11/2009 12:36:02 Produced by the JSE SENS Department.
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