LAB - Labat Africa Limited - Joint clarification announcement by Labat and
LAB
LAB
LAB - Labat Africa Limited - Joint clarification announcement by Labat and
Aurora Empowerment Systems (Pty) Ltd
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB
ISIN: ZAE000018354
("Labat" or the "company")
JOINT CLARIFICATION ANNOUNCEMENT BY LABAT AND AURORA EMPOWERMENT SYSTEMS (PTY)
LTD ("AURORA")
Shareholders are referred to recent press articles which have implied that
Aurora will list by 30 July 2010. The directors of Labat, in conjunction with
the directors of Aurora, would like to clarify the comments made in such
articles.
Shareholders are referred to the firm intention announcement released by Labat
on 7 April 2010, which set out the terms of the transactions entered into by and
between Labat, Link Private Equity and Investments (Pty) Ltd ("Link") and
Aurora, which transactions provide for Labat to dispose of its existing business
to Link ("disposal") as well as the transaction which will result in Aurora
acquiring control of Labat through the acquisition of an initial 45.7%
shareholding in Labat from Link ("change in control").
The draft circular to shareholders in relation to the disposal and the change in
control has been commented on by the JSE Limited ("JSE") and the Securities
Regulation Panel. Discussions are ongoing relating to certain matters and a
further announcement will be made as soon as these are finalised.
There are no agreements in place between Labat and Aurora in relation to the
acquisition of new assets by Labat from Aurora. There is also currently no
intention to list Aurora on the JSE. Aurora will merely become the controlling
shareholder of Labat once the change in control is unconditional.
Sandton
11 June 2010
Corporate adviser and sponsor to Labat
Vunani Corporate Finance
Corporate adviser to Aurora
Arcay Moela Sponsors (Pty) Ltd
Date: 11/06/2010 12:19:01 Produced by the JSE SENS Department.
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