Absolute - Specific Issue Of Shares, Convertible Loan And Withdrawal Of
Cautionary Announcement
ABSOLUTE HOLDINGS LIMITED
(Formerly Gilboa Properties Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1986/004649/06)
Share code: ABO ISIN: ZAE000062998
(`Absolute` or `the company`)
SPECIFIC ISSUE OF SHARES, CONVERTIBLE LOAN AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Specific issue of shares and convertible loan
Shareholders are advised that the company has entered into agreement with Calulo
Investments (Proprietary) Limited (`Calulo`), an existing BEE shareholder in
Absolute, for the injection of share capital of R2 100 000 and convertible loan
funding of up to R7 900 000 into Absolute. Calulo currently hold approximately
13.6% in Absolute and intend increasing their shareholding to around 26% over
time. The shares will be issued at 7 cents per share (`specific issue`) and the
loan will be convertible into shares within 24 months at 7 cents per share. The
specific issue and convertible loan will require approval of Absolute
shareholders in general meeting and a circular will be forwarded to shareholders
in due course. Calulo will be precluded from voting on this transaction.
The funds will primarily be utilised to fund the group`s ongoing and new mining
operations. Whilst the company awaits the issue of new prospecting and mining
rights for natural stone deposits throughout South Africa, certain prospecting
and mining activities have commenced with the assistance of the newly appointed
mining manager, Mr Marinus Hesselink.
Intended transfer of listing
With the restructure of the company finalised and the commitment by Calulo to
fund the mining operations through an increased shareholding and loan funding,
the directors intend applying to the AltX Advisory Committee with a view to
transferring its listing to the Alternative Exchange. Shareholders will be
advised of developments in due course.
Withdrawal of cautionary announcement
Shareholders are advised that the cautionary announcement is now withdrawn.
By order of the board
M Diale AM Janse van Vuuren
30 May 2005
Sponsor
Arcay Corporate Services
Date: 31/05/2005 10:26:09 AM
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