| Mon 5 Jul 2010, 12:55 | | UBU - Ububele Holdings Limited - Consolidation of Ububele`s share capital |
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UBU
UBU
UBU - Ububele Holdings Limited - Consolidation of Ububele`s share capital
UBUBELE HOLDINGS LIMITED
(Formerly Milkworx Limited)
Incorporated in the Republic of South Africa
Registration number 1998/011074/06
Share code: UBU
ISIN code: ZAE000140182
("Ububele" or "the Company")
CONSOLIDATION OF UBUBELE`S SHARE CAPITAL
Shareholders are referred to the SENS announcement of 25 February 2010, wherein
it was advised that the board of Ububele has resolved to consolidate its share
capital on a 50 to 1 basis, subject to the necessary shareholder approval.
Shareholders are hereby advised that a circular containing, inter alia, details
of the consolidation, the action required by shareholders and the notice of
general meeting, at which meeting Ububele shareholders will be asked to approve
the consolidation of the share capital, has been dispatched to shareholders
today, 5 July 2010.
The consolidation is being proposed for the following reasons:
* following the reverse listing of Ububele into Milkworx during November
2009, the share price of Ububele has continued to trade at levels that
elicit little interest in the market;
* substantial value has been added to the previous Milkworx business through
the reverse listing and the board are of the view that a share
consolidation is required in order for the market to re-rate the share
price accordingly;
* the share price at current levels makes the market capitalisation of
Ububele extremely volatile, which in turn makes the share unattractive to
potential investors; and
* a stable share price is required in order to raise additional capital and
to use scrip for future acquisitions.
The salient dates and time of the consolidation are as follows:
2010
Publication of declaration announcement on SENS Monday, 5 July
Circular and notice of general meeting to be posted to Monday, 5 July
shareholders on
Forms of proxy for the general meeting to be received by Friday, 23 July
10:00 on
General meeting held at the 10:00 on Tuesday, 27 July
Results of the general meeting announced on SENS on Tuesday, 27 July
Special resolution submitted to CIPRO on Tuesday, 27 July
Special resolution registered by CIPRO by no later than Friday, 13 August
Publication of finalisation announcement on SENS Friday, 13 August
Last day to trade in existing shares on the JSE prior to Friday, 20 August
the consolidation
Trading in consolidated shares under the new ISIN Monday, 23 August
ZAE000144739commences on
Record date for the consolidation at the close of business Friday, 27 August
on
Dematerialised shareholders will have their accounts at Monday, 30 August
their CSDP or broker updated on
Date of issue of new replacement share certificates, Monday, 30 August
provided that the old share certificates have been lodged
by 12:00 on Friday, 27 August, on or about (share
certificates received after this time will be posted
within 5 business days of receipt)
Notes:
1 The above dates and times are subject to change. Any changes will be
announced on SENS.
2 All times in this circular are South African local times.
3 No dematerialisation or rematerialisation of the `old` shares may take
place after Friday, 20 August.
Cape Town
5 July 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 05/07/2010 12:55:01 Produced by the JSE SENS Department.
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