|
FRT
FRT
FRT - Faritec Holdings Limited - Specific issue of shares for cash and further
cautionary announcement
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec" or "the Company")
SPECIFIC ISSUE OF SHARES FOR CASH AND FURTHER CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Shareholders are referred to the previous cautionary announcements (the last of
which was dated 10 March 2010) in relation to the fund raising being undertaken
by the company. In the cautionary announcement dated 10 March 2010 shareholders
were advised that Faritec was in discussions with:
- Shoden Data Systems (Pty) Ltd ("Shoden") and certain members of the Faritec
management team (the "Management Consortium") to underwrite R30 million of
a R60 million rights offer; and
- the creditors of the Faritec group in relation to the implementation of a
scheme of arrangement (pursuant to section 311 of the Companies Act) (the
"scheme") between Faritec Enterprise Solutions (Pty) Ltd ("Faritec
Enterprise Solutions") and its creditors, in terms of which the various
classes of creditors will be asked to either convert their debt to Faritec
equity or compromise their debt.
Shareholders are advised that Faritec, Shoden and the Management Consortium have
agreed not to proceed with the implementation of the partially underwritten
rights offer. However Faritec is in further discussion with the Management
Consortium and Tabara Investments (Pty) Ltd ("Tabara") pursuant to which they
will invest R30 million in Faritec. Shareholders are further advised that
Faritec is proceeding with the scheme.
In terms of the proposed scheme between Faritec Enterprise Solutions and its
creditors unsecured creditors will be issued one ordinary Faritec share at a
price of 1 cent for each 1 cent of debt they are owed by Faritec Enterprise
Solutions.
The company is proceeding with the steps necessary to implement the scheme and
further details of the scheme will be communicated in due course.
WORKING CAPITAL AND RESTRUCTURE
Faritec`s working capital remains under pressure. In addition to the raising of
additional funding from the Management Consortium and Tabara and the scheme of
arrangement with unsecured creditors, management has made significant advances
in restructuring the Company including in relation to the disposal of non-core
assets to address the working capital pressure.
FURTHER CAUTIONARY
Shareholders are advised to continue to exercise caution when dealing in their
Faritec securities until the release of further announcements.
26 April 2010
Sponsor
Java Capital (Proprietary) Limited
Date: 26/04/2010 10:19:01 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
