JDH - John Daniel Holdings Ltd - Convertible loan restructuring of group
JDH
JDH
JDH - John Daniel Holdings Ltd - Convertible loan, restructuring of group,
appointment of new auditors and further cautionary announcement
JOHN DANIEL HOLDINGS LTD
(Incorporated in the Republic of South Africa)
(Registration Number 1998/013215/06)
Share code: JDH ISIN: ZAE000136677
("the Company" or "JDH")
CONVERTIBLE LOAN, RESTRUCTURING OF GROUP, APPOINTMENT OF NEW AUDITORS AND
FURTHER CAUTIONARY ANNOUNCEMENT
CONVERTIBLE LOAN AND RESTRUCTURING OF GROUP
Further to the cautionary announcement released on 15 September 2010,
shareholders are advised that the Company has entered into a finance
restructure agreement ("the first agreement") with Escalator Capital Limited
("Escalator"). In terms of the first agreement the Company has secured an
immediate convertible loan of R1 million with a further R2 million being made
available after conclusion of a second loan agreement. This will result in a
restructure of the current boards of the Company and its subsidiaries.
Escalator is not a related party to JDH.
In terms of the restructure three new executive directors, independent of
Escalator, will be appointed to the current boards of JDH and its
subsidiaries. They are Mr Terrence Patrick Gregory, Mr Dirk Petrus Van Der
Merwe and Mr Louis Frank Rehrl.
The terms of conversion will be concluded in the second agreement and ratified
by the new board at which point the details and pro forma financial effects
will be announced.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution in dealing with the
company`s securities until such time as a full announcement has been
published.
NEW AUDITORS
Shareholders are advised that the company has appointed AM Smith and Company
Inc as its auditors, replacing PKF (Cpt) Inc.
Johannesburg
21 September 2010
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 21/09/2010 16:10:01 Produced by the JSE SENS Department.
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