JCI Limited - Disposal of Letseng Diamonds and Fur
JCD
JCD
JCI Limited - Disposal of Letseng Diamonds and Further Cautionary
JCI LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1894/000854/06)
Share code: JCD & ISIN: ZAE000039681 (Suspended)
("JCI")
DISPOSAL BY LETSENG INVESTMENT HOLDINGS (SOUTH AFRICA) (PROPRIETARY) LIMITED, AN
INDIRECT SUBSIDIARY OF JCI, OF ITS 76% EQUITY INTEREST IN LETSENG DIAMONDS
(PROPRIETARY) LIMITED AND FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement published in the press on 12 April 2005,
Investec Bank Limited is authorised to announce that Letseng Investment Holdings
(South Africa) (Proprietary) Limited ("Letseng") has entered into a legal
agreement for the disposal of its entire 76% equity interest in Letseng Diamonds
(Proprietary) Limited to Gem Diamond Mining Company of Africa Limited for R879.5
million, payable in cash ("the proposed transaction"). The proposed transaction
is subject to the fulfilment of certain conditions precedent, inter alia, the
approval of the Government of the Kingdom of Lesotho and the necessary
shareholder consents being obtained. Letseng is 40% directly held by JCI, 50%
held by JCI"s subsidiary company Matodzi Resources Limited and 10% held by
Letseng Diamonds Limited.
The JCI board of directors has approved the proposed transaction; accordingly
shareholders are advised to continue to exercise caution when dealing in their
JCI shares (Over-the-Counter) until a detailed announcement is made in this
regard.
Sandton
26 June 2006
Advisor Investec Corporate Finance
Sponsor Sasfin Capital
Attorneys Tabacks
Date: 27/06/2006 08:27:02 AM Produced by the JSE SENS Department
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