LABAT AFRICA LIMITED - Termination by Labat of the equity facility with Global Emerging Markets (GEM)
LAB 201511230039A
Termination by Labat of the equity facility with Global Emerging Markets (“GEM”)
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat” or “the Company”)
ISIN Code: ZAE 000018354 Share code: LAB
TERMINATION BY LABAT OF THE EQUITY FACILITY WITH GLOBAL EMERGING MARKETS
(“GEM”)
As previously announced on 12 June 2015, GEM, a USA based private equity fund
had extended its funding commitment with an equity facility of $100 million (R1.2
billion) to Labat for a further five years, to fund further acquisitions in the transport
and logistics sector.
Following communication with GEM surrounding GEM’s recent request for
shareholder approval of a number of warrants at 30 cents per share as well as an
interrogation of the new BEE Codes, the board of directors has elected to terminate
the equity facility on the basis of the cost, the fact that shareholder approval for the
issue of the shares at 30 cents is unlikely to be approved by its shareholders as well
as the need to remain as a black-owned company.
The Company would like to thank GEM for its support over the years.
Johannesburg
23 November 2015
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 23/11/2015 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
