HUGE GROUP LIMITED - Proposed specific issue of shares for cash
HUG 201701030026A
Proposed specific issue of shares for cash
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or the “Company”)
PROPOSED SPECIFIC ISSUE OF SHARES FOR CASH
Shareholders are advised that the Company has signed a subscription
agreement, dated 27 December 2016, with Praesidium Capital Management
(Pty) Ltd (“Praesidium”), in Praesidium’s capacity as General Partner of the SA
Hedge Fund En Commandite Partnership, in terms of which Praesidium has
agreed to subscribe for 17 500 000 Huge ordinary shares, at a subscription price
of 850 cents per Huge ordinary share (“Issue Price”).
Praesidium is a material shareholder in Huge (in that its existing shareholding is
in excess of 10% of the current issued share capital of the Company), and as
such, is regarded as a related party. However, no fairness opinion is required
as the Issue Price is at a premium to the volume weighted average share price
of Huge measured over the 30 business days prior to the date on which the
Issue Price was agreed between the parties (i.e. 27 December 2016).
Shareholders’ approval for the proposed specific issue of shares for cash to
Praesidium is required.
The funds raised by means of the specific issue will be used to fund future
acquisitions by the Company.
A circular in this regard, together with a notice of meeting, is in the process of
being prepared and will be dispatched to shareholders in due course.
Johannesburg
3 January 2017
Sponsor: Questco Proprietary Limited
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