| Fri 8 Jul 2011, 17:00 | | AVU - Avusa Limited - Commencement of due diligence investigation |
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AVU
AVU
AVU - Avusa Limited - Commencement of due diligence investigation
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
COMMENCEMENT OF DUE DILIGENCE INVESTIGATION
1. Background
Shareholders are referred to the previous announcements dated 28 March 2011,
16 May 2011, 31 May 2011 and 27 June 2011, wherein they were advised that the
Board of Directors of Avusa is in receipt of an unsolicited expression of
interest ("the EoI") from a consortium ("the Consortium") led by Capitau
Holdings Limited ("Capitau"), and comprising only Capitau and RMB Ventures, a
division of FirstRand Bank Limited, to acquire the entire issued share capital
of Avusa ("the Proposed Acquisition").
2. Due diligence
Avusa and Capitau, being the lead-party in the Consortium, have now concluded
a due diligence agreement ("the Agreement"), which was a pre-requisite to the
commencement of the due diligence ("the Due Diligence"). The Agreement
contains provisions relating to, inter alia, the nature, conduct, time and
scope of the due diligence. The Due Diligence commences on 12 July 2011 and
the independent sub-committee of Avusa ("the Independent Sub-Committee"") has
agreed to grant the Consortium a six-week Due Diligence period, ending on 24
August 2011. The Independent Sub-Committee has also requested that a firm
intention to make an offer by the Consortium, if forthcoming, be delivered
within two weeks of the completion of the Due Diligence being on or before 7
September 2011.
Shareholders are reminded that by allowing Capitau 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.
Johannesburg
8 July 2011
Investment bank and sponsor
Nedbank Capital
Legal advisors
Werksmans Inc
Date: 08/07/2011 17:00:04 Produced by the JSE SENS Department.
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