MST - Mustek Limited - Cautionary announcement - Expression of interest to
MST
MST
MST - Mustek Limited - Cautionary announcement - Expression of interest to
effect buy-out and delisting of Mustek
MUSTEK LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/070161/06)
Share Code: MST ISIN: ZAE000012373
("Mustek" or "the company")
Cautionary announcement - expression of interest to effect buy-out and delisting
of Mustek
Shareholders are advised that a consortium led by the company`s chief executive
officer, David Kan and the Trinitas Private Equity Fund, has provided the
company with a non-binding expression of interest in a transaction that may
result in an offer to shareholders other than those participating in the
consortium to sell all their shares in the company for a cash price of R5,55
per share and the de-listing of Mustek`s shares from the JSE Limited.
David Kan, directly or indirectly, controls approximately 10% of the issued
share capital of the company. Independent of the consortium, holders of an
additional approximate 45% of the issued share capital of the company have
irrevocably undertaken to the consortium to support the proposed buy-out and
delisting of Mustek pursuant to a transaction that entails payment to exiting
shareholders of a cash sale price of R5,55 per Mustek share.
The board is engaged in discussions with the consortium with a view to
facilitating the conduct by the consortium and/or its funders of a due diligence
investigation of the company.
The non-binding expression of interest and discussions in that regard do not
constitute a firm intention to make any offer and no offer may result from this
process.
Accordingly, pending further announcements, shareholders are advised to exercise
caution when dealing in their Mustek shares.
Midrand
15 December 2010
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 15/12/2010 09:00:01 Produced by the JSE SENS Department.
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