M Cubed Holdings Limited - Detailed cautionary announcement
Momentum Group Limited M Cubed Holdings Limited
Registration number: Registration number:
1904/002185/06 1998/014568/06
("Momentum") Share:code: MCU
ISIN: ZAE000033353
(" mCubed")
Detailed cautionary announcement
Rand Merchant Bank, a division of FirstRand Bank Limited and PSG Capital are
authorised to announce that m Cubed and Momentum have reached agreement in
principle regarding the sale of the following asset management businesses of m
Cubed: m Cubed Asset Management, Escher Structured Products, Corporate Money
Managers and Asset Management Outsourcing Services (the "asset management
businesses") to Momentum (the "proposed transaction"). The purchase
consideration of R175 million (i.e. 23.3 cents per m Cubed share) will be
payable in cash on completion of the transaction. The transaction is, inter
alia, subject to:
* the parties finalising agreements and negotiations to agree certain post
implementation working relationships;
* the outcome of a due diligence investigation by Momentum, which should be
completed by 30 January 2004;
* approval by m Cubed shareholders in a general meeting;
* the expression of a fair and reasonable opinion by an independent third party;
and
* the necessary regulatory approvals.
The proposed transaction may have a material effect on the price of m Cubed"s
shares. Accordingly, shareholders are advised to exercise caution when dealing
in the company"s shares until a full announcement is made.
Johannesburg
12 December 2003
Merchant bank to Momentum
Rand Merchant Bank, a division of FirstRand Bank Limited, Corporate Finance
Legal adviser to Momentum
Hofmeyr Herbstein & Gihwala Inc
Legal Advisor to M Cubed
Prinsloo, Tindle & Andropoulos Inc
Sponsor and corporate adviser to M Cubed
PSG Capital Limited
Date: 12/12/2003 05:15:02 PM Produced by the JSE SENS Department
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