| Fri 29 Oct 2010, 11:42 | | IMU - Imuniti Holdings Limited - Resignation of directors and cautionary |
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IMU
IMU
IMU - Imuniti Holdings Limited - Resignation of directors and cautionary
announcement
IMUNITI HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2004/002282/06)
(JSE Code: IMU & ISIN: ZAE000089199)
("Imuniti" or "the Company")
RESIGNATION OF DIRECTORS AND CAUTIONARY ANNOUNCEMENT
As detailed in the company`s annual report, the directors advised that the going
concern of the group is dependent on, inter alia, the ability to raise
additional capital through the issue of shares. As announced on SENS on 23
September 2010, at the Annual General Meeting of the company, certain
resolutions relating to shares being under the control of directors and the
general authority to issue shares for cash have been deferred and a Special
General Meeting will need to be reconvened to approve these resolutions.
A consortium representing a majority of shareholders has indicated that it will
not support the efforts of the current board to raise capital through the issue
of shares unless certain directors resign. No specific reasons have been
provided by these same shareholders, who were also asked to provide a nomination
for replacement directors. To date no replacement directors have been put
forward.
Whilst the Board of Directors has made substantial progress in turning the
Company around, the Company is still dependant on the injection of further
funding through the issue of shares as highlighted in the company`s 2009/2010
Annual Report.
The resigning directors believe therefore that it is in the best interest of the
Company that they should resign on the expectation of an injection of funding
and/or approval of the necessary resolutions.
In compliance with paragraph 3.59 of the Listings Requirements of the JSE
Limited, the Board of Directors hereby announces the resignation of Messrs NP
Lamble, Acting Chief Executive Officer and MR Gahagan, Independent Non-executive
Chairman with effect from 31 October 2010.
The Board would like to thank both Neil and Mike for their invaluable
contribution to the turnaround of the group in difficult circumstances and their
continued interest in supporting the company by tendering their resignations.
It is noted that, due to the Company only having two remaining directors, the
Board will be unable to act until two new appointments are made. In addition,
the approval of the necessary shareholder resolutions is also still uncertain
until approval at a reconvened Special General Meeting.
CAUTIONARY ANNOUNCEMENT
Accordingly, shareholders are advised to exercise caution when dealing in the
Company`s securities until a further announcement is made.
DURBAN
29 October 2010
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 29/10/2010 11:42:25 Produced by the JSE SENS Department.
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