SEP - Sephaku Holdings - Update on disposal of gold and nickel assets and
SEP
SEP
SEP - Sephaku Holdings - Update on disposal of gold and nickel assets and
withdrawal of cautionary
Sephaku Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/003306/06)
Share code: SEP
ISIN: ZAE000138459
("Sephaku Holdings" or "the company")
Update on disposal of gold and nickel assets and withdrawal of cautionary
1. Update on disposal of gold and nickel assets
1.1 Background
Shareholders are referred to the announcements dated 7 January 2010 and 1
February 2010 concerning an agreement dated 20 December 2009 ("the gold and
nickel agreement") relating to the sale by the company of its 100% holding in
Sephaku Gold Holdings (Pty) Limited and its 26% interest in African Nickel
Holdings ("the gold and nickel assets") to Mr. Mong Seng Wu, Mandra Capital
and/or their nominees (jointly referred to as the "Wu Group") for a total cash
consideration of R80 million which was to be settled in four equal tranches over
the subsequent 12 months ("the gold and nickel sale").
1.2 Amendment to the terms of the gold and nickel agreement
Shareholders are advised that the company has renegotiated the terms of the gold
and nickel agreement, which has resulted in the exclusion of the nickel assets
from the gold and nickel sale. The cash consideration of R80 million for the
gold and nickel assets has accordingly been reduced to R60 million for the gold
assets only.
The company is at an advanced stage of negotiations with a well known, black
economic empowerment group to dispose of the nickel assets on the same material
terms as the terms agreed with the Wu Group in the gold and nickel agreement.
2. Withdrawal of cautionary
Shareholders are referred to the announcement dated 30 September 2010 which
contained a cautionary announcement and are advised that, following this
announcement, caution is no longer required to be exercised by shareholders when
dealing in their securities.
Pretoria
14 October 2010
Sponsor
QuestCo Sponsors (Pty) Limited
Date: 14/10/2010 16:05:09 Produced by the JSE SENS Department.
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