Avasa Holdings Limited - Announcement Relating To The Merger Between Avasa And
African Harvest Capital Holdings (Proprietary) Limited ("The Merger") And A
Further Cautionary Announcement
AVASA HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
Share code: AVA
ISIN Code: ZAE000040622
"AVASA"
ANNOUNCEMENT RELATING TO THE MERGER BETWEEN AVASA AND AFRICAN HARVEST CAPITAL
HOLDINGS (PROPRIETARY) LIMITED ("THE MERGER") AND A FURTHER CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the announcement dated 29 August 2003 and the
subsequent circular, posted to AVASA shareholders on 25 November 2003, setting
out the details of the merger.
In the cautionary announcements dated 11 December 2003 and 23 January 2004
shareholders were advised that Metallon Capital (Pty) Ltd and Messrs E Dube, B
Khosa, N Gugushe and M Anderson (collectively "the sellers") were in dispute
with AVASA in relation to the fulfilment of the final outstanding condition to
the merger.
Shareholders are advised that AVASA and the sellers have reached an agreement
("the settlement agreement") resolving their dispute. The settlement agreement
is however still subject to the fulfilment of certain conditions precedent which
may or may not be fulfilled. If the settlement agreement does become
unconditional it will result in the merger being implemented.
A further announcement will be made within three weeks advising shareholders of
the status of the settlement agreement and the merger. In the interim
shareholders are advised to continue to exercise caution when trading in AVASA"s
securities on the JSE Securities Exchange South Africa.
Rosebank
23 February 2004
Joint sponsor and corporate advisor
Java Capital
Joint sponsor
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031575/07)
Attorneys to AVASA
Read Hope Phillips attorneys
Date: 23/02/2004 03:47:34 PM Produced by the JSE SENS Department
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