| Mon 7 May 2012, 16:30 | | DEC - Decillion - Update on the Oakwood Acquisition and Renewal of Detailed |
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DEC
DEC
DEC - Decillion - Update on the Oakwood Acquisition and Renewal of Detailed
Cautionary Announcement
Decillion Limited
(Registration number: 1998/011692/06)
(Incorporated in the Republic of South Africa)
JSE code: DEC & ISIN: ZAE000108247
("Decillion" or "the Company")
UPDATE ON THE OAKWOOD ACQUISITION AND RENEWAL OF DETAILED CAUTIONARY
ANNOUNCEMENT
Following the detailed cautionary announcements on 3 August 2011 and 16
September 2011, renewal of cautionary announcements on 28 October 2011, 13
December 2011 and 27 January 2012 and detailed cautionary announcement on 13
March 2012 regarding the acquisition agreements to acquire 100% of the shares
and claims in Ardor Property Holdings, Lashka and Oakwood, the board of
directors wish to provide an update on the Oakwood acquisition as detailed
below. All other transactions remain the same as previously announced.
OAKWOOD ACQUISITION
An amendment to the Oakwood acquisition agreement was made, which amendment
related to the purchasing of the Oakwood property from Oakwood as opposed to the
purchase of the company from the Oakwood vendors which housed the property. The
effective consideration remains the same as announced on 13 March 2012.
PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTIONS
The Company is in the process of finalising their audited results for the year
ended 31 July 2011 as well as their interim results for the period ended 31
January 2012, which will be published on SENS and in the press within the next
week.
Accordingly, the pro forma financial effects, which finalisation is subject to
the completion and publication of the above-mentioned results of the Company,
will be announced shortly after the results for 31 January 2012 are published.
DOCUMENTATION AND SALIENT DATES
A circular to shareholders detailing the terms of the acquisitions, the
capitalisation of related party loans, specific issue of shares for cash,
reverse takeover, and other associated transactions, incorporating revised
listing particulars has been submitted to the JSE and will be finalised once the
pro forma financial effects and reviewed results become available.
Salient dates shall also be announced in due course.
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Since the property portfolio information and pro forma financial effects of the
above-mentioned acquisitions, specific issue of shares for cash and associated
transactions have not yet been published, shareholders are advised to continue
exercising caution when dealing in the Company`s securities until a full
announcement is made.
JOHANNESBURG
7 May 2012
SPONSOR
Arcay Moela Sponsors (Proprietary) Limited
Date: 07/05/2012 16:30:01 Produced by the JSE SENS Department.
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