MCU
MCU
m Cubed Holdings Limited - Announcement
m CUBED HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1998/014568/06)
Share code: MCU ISIN: ZAE000033353
("m Cubed" or "the Company")
- CIRCULAR REGARDING a DISPOSAL and notice of a General meeting
- renewal of cAUTIONARY announcement
- IFRS compliance: intangible asset
Circular and notice of a general meeting
Shareholders are referred to the announcements on 17 and 30 November 2005
regarding the disposal by m Cubed Asset Management (Proprietary) Limited, a
wholly-owned subsidiary of m Cubed, of its entire interest in Advantage Asset
Managers (Proprietary) Limited to Momentum International Multi-Managers
(Proprietary) Limited for a cash consideration of R140 million ("the disposal").
A circular to m Cubed shareholders containing details of the disposal and notice
of a general meeting for the approval thereof, convened for Monday,
13 March 2006 at 11:00, will be posted today.
Renewal of cautionary announcement
Shareholders are specifically cautioned that the Company is still in
negotiations regarding the dispute referred to in previous cautionary
announcements dated 28 October 2005, 28 November 2005 and 13 January 2006 and
the interim results announcement of 29 November 2005.
Further meetings with the Regulator in question have been scheduled and the
Company will inform shareholders at such time of any developments pertaining to
these matters.
The Company accordingly advises shareholders to continue exercising caution when
trading in the Company"s shares.
IFRS compliance: intangible asset
Shareholders are advised that the unaudited interim financial results of m Cubed
for the 6 months ended 31 August 2005, as published on SENS and in the press on
23 November 2005, were not compliant with International Financial Reporting
Standards insofar as a portion of Goodwill was not recognised as a Customer
Relations Intangible Asset in the books of Advantage. The reasons for such non-
compliance are set out in the abovementioned circular.
Johannesburg
24 February 2006
Corporate adviser and sponsor
PSG CAPITAL
Date: 24/02/2006 05:05:03 PM Produced by the JSE SENS Department
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