| Wed 15 Jan 2003, 9:37 | | Results of General Meeting |
|
AVASA HOLDINGS LIMITED
(Formerly Dectronic Limited)
Incorporated in the Republic of South Africa
(Registration number 1998/013637/06)
Share Code: AVA ISIN: ZAE000040622
("AVASA Holdings or the Company")
RESULTS OF GENERAL MEETING AND ABRIDGED PRE-LISTING STATEMENT
1. Shareholders are advised that at the general meeting of the company held on
Tuesday, 14 January 2003, the company`s shareholders passed, with the requisite
majority, the special and ordinary resolutions contained in the circular to
shareholders dated 20 December 2002. This includes the specific issue for cash
of 40 million shares at 5 cents per share and 110 million shares at 10 cents per
share. These shares will be listed on the JSE Securities Exchange South Africa
("JSE") from commencement of business on Monday, 20 January 2003.
With regards to ordinary resolution number 2 approving the share option scheme,
this resolution was approved by shareholders by the requisite majority.
Shareholders are however advised that further shareholder approval will be
required in respect of the share option scheme.
The special resolution has been lodged with the registrar of companies for
registration.
2. Abridged Pre-listing Statement
This announcement contains salient information in respect of the revised listing
particulars of AVASA Holdings. For a full appreciation of the listing, the
revised Pre-Listing Statement, which is available on request as detailed in 2.4
below, should be read in its entirety.
2.1 Listing on the JSE
The JSE has granted AVASA Holdings a listing of 505 million ordinary shares of R
0,001 each in the Venture Capital Market sector of the JSE with effect from
commencement of business on Monday, 20 January 2003.
2.2 Incorporation, history and nature of business
The company was incorporated on 15 July 1998 and listed on the JSE under the
name Dectronic Limited and focused on investing in small and medium enterprises
in the Technology and Electronic sector. The company experienced financial
difficulties and following a section 311 compromise control of the company
passed to the Active Value Group in September 2002.
AVASA Holdings is an investment company focusing on value investments in the
South African market. AVASA Holdings blends the experience and track record of
its international advisory team with the local expertise of it`s South African
management team to pursue it`s activist investors strategies. This capital
raising will serve to raise the profile of AVASA Holdings and involve certain
high profile South African businessmen in its shareholder base.
2.3 Directors
The directors of AVASA Holdings are Brian Myerson, Julian Treger, Jan Petrus Nel
and Karl Johannes Gribnitz and there business address is AVASA Holdings, 1st
Floor, Eastwood, 57 Sixth Road Street, Hyde Park, 2196.
2.4 Copies of the Pre-listing Statement
Copies of the Pre-listing Statement can be obtained during business hours on
weekdays, from:
AVASA Holdings Limited, 1st Floor Eastwood, 57 Sixth Road, Hyde Park, 2196;
Exchange Sponsors (Proprietary) Limited, 39 First Road, Hyde Park, 2196;
Merchantec (Proprietary) Limited, Hyde Park Office Tower, North Wing, Jan Smuts
Avenue, Hyde Park, 2196; and
Computershare Investor Services Limited, Ground Floor, 70 Marshall Street,
Johannesburg, 2001.
Johannesburg
15 January 2003
Sponsor Corporate Advisor
Exchange Sponsors Merchantec
Date: 15/01/2003 07:01:01 AM Produced by the JSE SENS Department
