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ABO
ABO
ABO - Absolute - Conclusion and implementation of the Bauba acquisition
ABSOLUTE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO & ISIN No: ZAE000144267
("Absolute" or "the Company")
SUCCESSFUL CONCLUSION AND IMPLEMENTATION OF THE BAUBA ACQUISITION
The Board of Directors of Absolute Holdings ("the Company") is pleased to
confirm that all the conditions precedent have been met for the successful
conclusion of the Bauba transaction, whereby the Company will acquire an
effective 60% direct and indirect participation in the Bauba project.
Further to the previous announcements released on SENS and published in the
press, shareholders are advised that the required minimum capital raising closed
on Tuesday, 20 July 2010. Irrevocable undertakings with a gross proceeds value
of R24 815 590 have been received and accordingly 8 005 029 new shares at R3.10
will be issued within the shareholders` authority and existing authorised share
capital of the Company.
The special resolutions approved at the general meeting of shareholders on 7
June 2010, which include, inter alia, the change of the Company`s name to Bauba
Platinum Limited and an increase in authorised share capital, will now be lodged
for registration with CIPRO. New salient dates will be announced as soon as
confirmation thereof has been received.
The following new Board appointments will take place once all the necessary
resolutions are registered and the new shares for the Bauba acquisition have
been issued:
Mr JG Best - Independent Non-executive Chairman
Mr PC Pienaar - Chief Executive Officer;
Dr NM Phosa - Non-Executive Director;
Mr KV Dicks - Independent Non-Executive Director; and
Mr SM Dolamo - Independent Non-Executive Director.
By order of the board
Johannesburg
21 July 2010
Corporate advisor Legal advisor Sponsor
Qinisele Resources Eversheds Arcay Moela Sponsors
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Competent Person
Venmyn Rand
(Proprietary)
Limited
Date: 21/07/2010 17:36:01 Produced by the JSE SENS Department.
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