NUTRITIONAL HOLDINGS LIMITED - Cancellation of Agreement Regarding the Acquisition of Velani Strategic Solutions Proprietary Limited (VSS)
NUT 201804040049A
Cancellation of Agreement Regarding the Acquisition of Velani Strategic Solutions Proprietary Limited (“VSS”)
NUTRITIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/002282/06)
Share code: NUT ISIN: ZAE000156485
(“NUT” OR “THE COMPANY”)
CANCELLATION OF AGREEMENT REGARDING THE ACQUISITION OF VELANI
STRATEGIC SOLUTIONS PROPRIETARY LIMITED (“VSS”)
Shareholders are referred to the SENs announcements released
on 30 September 2016 and 7 November 2016.
Shareholders are hereby advised that NUT and Ontario Private
Equity Proprietary Limited (“Ontario”), the parties to the
Acquisition Agreement (“Agreement”) have agreed that the
achievement by VSS of the “profit warranty” contained in the
Agreement is highly unlikely and as such NUT and Ontario have
agreed by mutual consent to cancel the Agreement.
The cancellation will place both parties back into the same
financial position they were prior to signing the Agreement.
Based on the cancellation of the Agreement the Company will
continue to focus on its core food manufacturing business and
has abandoned the proposed shift in focus to the renewable
energy sector.
4 April 2018
Umhlanga
Designated Advisor
PSG Capital Proprietary Limited
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