| Mon 27 Jun 2011, 17:30 | | AVU - Avusa Limited - Update on the receipt of an unsolicited expression of |
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AVU
AVU
AVU - Avusa Limited - Update on the receipt of an unsolicited expression of
interest to acquire the entire issued share capital of Avusa
Avusa Limited
(Incorporated in the Republic of South Africa)
(Registration number 2008/002461/06)
Share code: AVU ISIN:ZAE000115895
("Avusa" or "the Company")
UPDATE ON THE RECEIPT OF AN UNSOLICITED EXPRESSION OF INTEREST TO ACQUIRE THE
ENTIRE ISSUED SHARE CAPITAL OF AVUSA
FURTHER CAUTIONARY ANNOUNCEMENT
1 Background
Shareholders are referred to the previous announcements dated 28 March 2011, 16
May 2011 and 31 May 2011, wherein shareholders were advised that the Board of
Directors of Avusa ("Board") is in receipt of an unsolicited expression of
interest ("the EoI") from a consortium ("the Consortium") led by Capitau
Holdings Limited ("Capitau"), to acquire the entire issued share capital of
Avusa ("the Proposed Acquisition").
2 Due diligence
As announced on 16 May 2011, a Board sub-committee of four independent non-
executive directors ("the Independent Sub-Committee") agreed to allow the
Consortium to undertake a due diligence investigation ("the Due Diligence"). In
this regard, Avusa and the Consortium are in the process of concluding a due
diligence agreement ("the Agreement"), which is a pre-requisite to the
commencement of the Due Diligence. The Agreement will contain provisions
relating to, inter alia, the nature, conduct, time and scope of the Due
Diligence.
Shareholders are reminded that by allowing the Consortium to conduct the Due
Diligence, the Independent Sub-Committee has not yet concluded whether the
Proposed Acquisition is in the best interests of the Company and its
shareholders and therefore does not yet express an opinion thereon.
3 Independent Sub-Committee`s responsibility statement
In terms of the Takeover Regulations, the Independent Sub-Committee accepts
responsibility for the information contained in this announcement and that to
the best of its knowledge and belief (having taken all reasonable care to ensure
that such is the case) the information contained in this announcement is in
accordance with the facts and, where appropriate, that it does not omit anything
likely to affect the import of such information.
4 Further cautionary announcement
Further to the cautionary announcements dated 28 March 2011 and 16 May 2011,
shareholders are advised that should the EoI result in a firm intention to make
an offer, the occurrence of such an event and/or the implementation of the
transaction pursuant thereto may have a material effect on the price of the
Company`s shares. Accordingly, shareholders are advised to continue exercising
caution when dealing in the Company`s shares until a further announcement is
made.
Johannesburg
27 June 2011
Investment bank and sponsor
Nedbank Capital
Legal advisors
Werksmans Inc
Date: 27/06/2011 17:30:01 Produced by the JSE SENS Department.
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