Conduit - CICL Update And Renewal Of Cautionary An
CND
CND
Conduit - CICL Update And Renewal Of Cautionary Announcement
Conduit Capital Limited
(formerly IMR Investments Limited)
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND & ISIN: ZAE000073128
("Conduit" or "the company")
CICL INVESTMENT HOLDINGS (PROPRIETARY) LTD ("CICL") UPDATE AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
UPDATE ON CICL TRANSACTION
Shareholders are referred to the announcement dated 16 March 2006 in relation to
the acquisition by Conduit of a significant controlling interest (in excess of
75%) in CICL.
As indicated in the previous announcement Conduit is raising the cash portion of
the purchase price payable in terms of the CICL transaction together with the
amount required by Black Ginger 92 (Proprietary) Limited (CICL"s empowerment
partner) to refinance its investment in CICL by a combination of preference
share funding and the issue of Conduit shares for cash.
Conduit has received commitments in respect of the majority of the capital
required and is in discussions with various parties in respect of the balance.
Based on these discussions Conduit is highly confident that it will have raised
all the necessary capital by the date required, being 31 May 2006.
All of the remaining conditions to the CICL transaction have been fulfilled save
for the necessary regulatory and shareholder approvals.
FINANCIAL EFFECTS, FURTHER DOCUMENTATION AND RENEWAL OF CAUTIONARY
The CICL transaction will have a material financial impact on Conduit, however
the pro forma financial effects of the CICL transaction can only be determined
once the terms of the funding have been finalised. Accordingly, shareholders are
advised to continue exercising caution when dealing in the company"s shares
until a further announcement is made.
A circular containing full details in relation to the transaction and
incorporating a notice of general meeting will be sent to Conduit shareholders
within 28 days of the date of the announcement setting out the financial effects
of the transaction.
Melrose Arch
3 May 2006
Corporate advisor, legal advisor and transaction sponsor
Java Capital (Proprietary) Limited
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 03/05/2006 05:23:05 PM Produced by the JSE SENS Department
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