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Beige Holdings Limited - Proposed Empowerment Transaction
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 Share code: BEG
PROPOSED EMPOWERMENT TRANSACTION
1. Introduction
The directors of Beige are pleased to advise shareholders that they are in
advanced negotiations with Mr Ephraim Matsilele Sono ("Jomo Sono" or "Jomo")
arising from a written expression of interest received from Mr Sono for the
purchase of up to 25% interest in the share capital of Beige. The proposed
subscription price is 5.5 cents per share. Although both parties have expressed
a mutual desire to conclude the proposed transaction as soon as possible,
negotiations remain subject to signing of a subscription agreement.
2. Rationale for the transaction
Jomo Sono is a well known as a talented, internationally acclaimed, soccer
player, talent spotter and owner of the Jomo Cosmos Football Club, who
originally played for Orlando Pirates in the 1970"s and then for the New York
Cosmos, alongside Pele.
In addition to his sporting interests, Jomo Sono is an astute businessman,
holding interests in a variety of businesses, ranging from golf and leisure
companies to engineering and mining investments. He holds all his investments
in his personal capacity and sits on the boards of each company in which he has
an interest. Jomo is well known for his straight forward approach and is an
ambassador for the 2010 Soccer World Cup.
The board is of the opinion that Jomo"s skill and experience as a businessman
combined with his success and popularity on the sporting front, will benefit the
company on both a strategic and an operating level.
3. Documentation
Full details of the proposed transaction will be released on SENS as soon as a
final agreement has been signed and a circular will be sent to shareholders as
soon as possible thereafter.
4. Withdrawal of the Cautionary Announcement
Following the release of the above announcement, shareholders are advised that
the cautionary announcement dated 19 October 2005 has been withdrawn.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on AltX and are advised that the JSE does
not guarantee the viability or the success of a company listed on AltX. In
terms of JSE Listings Requirements a Designated Adviser has to be retained by
the company. The Designated Adviser is required to, inter alia, attend all
board meetings held by the company to ensure that all JSE Listings Requirements
and applicable regulations are complied with, approve the financial director of
the company and guide the company in a competent, professional and impartial
manner. If the company fails to retain a Designated Adviser it must make
arrangements to appoint a new Designated Adviser within 10 business days,
failing which the company faces suspension of trading of its securities. If a
Designated Adviser is not appointed within 30 days of its suspension the company
faces the termination of its listing without an offer to minorities.
Johannesburg
07 December 2005
Designated Advisor
Arcay Corporate Services
Date: 07/12/2005 09:15:18 AM Produced by the JSE SENS Department
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