| Wed 9 Mar 2011, 16:50 | | MOB - Mobile Industries Limited - Proposed delisting and members` voluntary |
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MOB
MOB
MOB - Mobile Industries Limited - Proposed delisting and members` voluntary
winding up
MOBILE INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1968/014997/06)
Share code: MOB
ISIN: ZAE000091435
("Mobile")
PROPOSED DELISTING AND MEMBERS` VOLUNTARY WINDING-UP
Mobile shareholders ("Shareholders") are referred to:
* the circular dated 22 November 2010 regarding the unbundling by Mobile
of 86 695 758 Trencor Limited shares held by Mobile to Shareholders by
way of a distribution in specie ("Unbundling") wherein it was stated
that if no further corporate action had taken place by or in relation
to Mobile, or had been proposed, by the implementation date of the
Unbundling, being Monday, 7 February 2011, then Mobile would cease to
qualify for a listing on the JSE, whether as a cash shell or otherwise,
and the Mobile board intends that on or before 28 February 2011 it will
send a circular to Shareholders proposing that Mobile be placed into
voluntary liquidation; and
* the reviewed results for the year ended 31 December 2010 released on
SENS on Monday, 28 February 2011 wherein it was announced that Mobile
will be delisted and wound up in due course and that the total equity
of Mobile at 28 February 2011 was approximately R0,2 million.
Shareholders are advised that:
* there has been no corporate action in relation to Mobile and that, in
the circumstances, it will be proposed to Shareholders that Mobile be
wound up; and
* given the abovementioned equity position of Mobile at 28 February 2011
and the anticipated costs of the delisting and members` voluntary
winding-up there will almost definitely be no liquidation dividend.
A detailed announcement on the proposed delisting and members` voluntary
winding-up will be made in due course and full details in this regard will
be communicated to Shareholders with the 2010 annual report.
By order of the board of directors
Mobile Industries Limited
Cape Town
9 March 2011
Investment bank and transaction sponsor:
Investec Bank Limited
Corporate law adviser:
Edward Nathan Sonnenbergs Inc.
Sponsor:
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 09/03/2011 16:50:00 Produced by the JSE SENS Department.
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