Mvela Group - Lapse of the agreement relating to t
MVG MVGP
MVG
Mvela Group - Lapse of the agreement relating to the proposed disposal
MVELAPHANDA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004153/06)
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share ISIN: ZAE000060737
Preference share ISIN: ZAE000073540
("Mvela Group")
Lapse of the agreement relating to the proposed disposal ("the proposed
disposal") of Mvela Group"s 22,9% interest in Mvelaphanda Resources
Limited ("Mvela Resources") to Incwala Resources (Proprietary) Limited
("Incwala")
Shareholders are referred to:
* the announcement dated 22 December 2005 relating to
the proposed disposal by Mvela Group, in terms of a
written agreement ("the Incwala disposal agreement")
concluded between Mvela Group and Incwala, of the 38
147 209 ordinary shares in Mvela Resources held by
Mvela Group, representing 22,9% of the issued share
capital of Mvela Resources, and;
* the interim results for Mvela Group for the six months
ended 31 December 2005 which were released on SENS on
7 March 2006, in which it was noted that the proposed
disposal remained subject to the fulfilment of certain
material suspensive conditions by 31 March 2006, which
suspensive conditions remained unfulfilled at that
date.
Shareholders are advised that certain of the suspensive conditions which
were, in terms of the Incwala disposal agreement, required to be
fulfilled by 31 March 2006, have not been timeously fulfilled.
Accordingly, the Incwala disposal agreement has lapsed and is of no
further force or effect, and the proposed disposal will not be
implemented.
Sandton
3 April 2006
Sponsor to Mvela Group
Deutsche Securities (SA) (Pty) Ltd
Attorneys
Werksmans
Date: 03/04/2006 10:12:06 AM Produced by the JSE SENS Department
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