WEA - WG Wearne Limited - Funding from the Industrial Development Corporation of
WEA
WEA
WEA - WG Wearne Limited - Funding from the Industrial Development Corporation of
South Africa Limited ("IDC") and further cautionary announcement
WG WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
JSE code: WEA
ISIN: ZAE000078002
("Wearne")
FUNDING FROM THE INDUSTRIAL DEVELOPMENT CORPORATION OF SOUTH AFRICA LIMITED
("IDC") AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement, dated 16 February 2011, and are
advised that agreement in principle has been reached between the company and the
IDC in terms of which the IDC will provide Wearne with total funding of R65.2
million to be drawn down before 31 December 2014. This funding, which may be in
the form of an equity subscription and/or a mezzanine loan is subject to certain
conditions precedent, inter alia:
- successful execution of the Section 311 Scheme of Arrangement with
creditors as set out in the announcement, dated 15 February 2011;
- successful conclusion of the Portland disposal as approved by the
shareholders as reported in the announcement, dated 21 February 2011;
- any relevant regulatory and administrative approvals.
Shareholders are advised to continue to exercise caution when dealing in their
Wearne shares until further details of the funding are announced.
Randburg
22 February 2011
Designated Adviser
Vunani Corporate Finance
Date: 22/02/2011 16:00:12 Produced by the JSE SENS Department.
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