| Thu 24 Mar 2011, 9:31 | | ABK - African Brick Centre Limited - Cautionary announcement |
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ABK
ABK
ABK - African Brick Centre Limited - Cautionary announcement
AFRICAN BRICK CENTRE LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1999/006214/06)
Share Code: ABK ISIN:ZAE000105169
("African Brick" or "the Company" or "the Group")
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the rights offer circular dated 30 August 2010
wherein it was stated that the working capital available to the African Brick
Group, subsequent to the rights offer, would be adequate for the next twelve
months after the completion of the rights offer, if fully subscribed for.
In the event that the rights offer was not fully subscribed for and no other
rights other than that of Yakani Infraco (Proprietary) Limited, the controlling
shareholder of African Brick, was subscribed for, then the African Brick Group
would have to undertake further means to ensure the adequacy of working capital
for the next twelve months.
The number of rights offer shares subscribed for was 396,279,079 ordinary shares
representing 59.03% of the total number of rights offer shares available for
subscription.
In this regard, the disposal of portion 554 (a portion of portion 543) of the
farm Boschkop, No. 199 I.Q Honeydew ("the Honeydew property") was authorised by
the Board and subsequently sold. The Honeydew property was sold unconditionally
and not subject to any financing. However, the buyer informed the Board that it
could not raise the full purchase price and as a result, the agreement of sale
is now in the process of being re-negotiated.
Shareholders are accordingly advised to exercise caution when dealing in the
Company`s securities until a full announcement regarding the sale of the
Honeydew property is made.
Johannesburg
24 March 2011
Designated Adviser
Grindrod Bank Limited
Date: 24/03/2011 09:31:00 Produced by the JSE SENS Department.
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