| Thu 3 Jun 2010, 17:12 | | ABO - Absolute Holdings Limited - Update prior to general meeting of |
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ABO
ABO
ABO - Absolute Holdings Limited - Update prior to general meeting of
shareholders
ABSOLUTE HOLDINGS LIMITED
(to be renamed Bauba Platinum Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO ISIN No: ZAE000144267
("Absolute" or "the Company")
UPDATE PRIOR TO GENERAL MEETING OF SHAREHOLDERS
Background
The Company released an announcement on 17 May 2010, which contained details of
the binding agreement that the Company has concluded ("the Transaction
Agreement") with Hlabirwa Mining Investments (Pty) Limited ("Hlabirwa"),
Highland Trading Investments Limited ("Highland") and the shareholders of
Ndarama Mineral Resources (Pty) Limited ("the NMR Shareholders") (collectively
"the Vendors"), whereby Absolute will acquire an effective 60% direct and
indirect participation in Bauba A Hlabirwa Mining Investments (Pty) Ltd ("the
Transaction"), as further contained in the circular posted to shareholders on 17
May 2010. Included in the aforesaid circular was a notice of general meeting to
be held on Monday, 7 June 2010 at 10h00 at Arcay Moela Sponsors (Proprietary)
Limited, Arcay House II, No. 3 Anerley Road, Parktown.
Current Market volatility and its impact on Capital Raising
Over the last two months the JSE All Share Index has declined by some 8% from a
high of 29 565 in April to 27 248 as of yesterday, accompanied by extraordinary
high volatility in the global equity markets. These events have all contributed
to an environment not conducive to an effective capital raising. For this
reason, the Vendors and the Board of Directors wish to advise shareholders that
the minimum capital raising referred to in the definitions of the circular to
shareholders has been reduced to R15 million, which will be sufficient to
provide for working capital and the continued drilling programme. The period for
the minimum capital raising has therefore been extended to 30 June 2010.
The aforementioned change does not require an amendment to the wording of
Ordinary Resolution Number 1 and all Ordinary and Special resolutions will still
be put to the vote at the meeting. Due to the extension of the conditions
precedent, shareholders are advised that Ordinary Resolutions Numbers 4 to 8 and
Special Resolution Number 3 will only be implemented once all remaining
conditions precedent have been fulfilled, these being the minimum capital
raising of R15 million and the approval by the Boards of the Vendors that the
Transaction may proceed.
For further information please contact Pine Pienaar (083 297 5886), Mark Rosslee
(083 308 8000) or Dennis Tucker (082 492 4957).
Johannesburg
03 June 2010
Corporate advisor Sponsor Competent Person
Qinisele Resources Arcay Moela Venmyn Rand (Pty)
(Pty) Limited Sponsors (Pty) Limited
Limited
Attorney
Routledge Modise Incorporated,
trading as Eversheds
in association with Eversheds LLP
Date: 03/06/2010 17:12:03 Produced by the JSE SENS Department.
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