m Cubed Holdings Limited - Lapse of disposal agree
MCU
MCU
m Cubed Holdings Limited - Lapse of disposal agreement
m Cubed Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1998/014568/06)
Share code: MCU & ISIN: ZAE000033353
("the company")
M CUBED LIFE LIMITED: LAPSE OF DISPOSAL AGREEMENT CONCLUDED BETWEEN M CUBED
HOLDINGS LIMITED AND FIDENTIA HOLDINGS (PTY) LTD
1 Renewal of cautionary announcement
m Cubed Life Limited: Lapse of disposal agreement
Shareholders are referred to the announcement dated 4 July 2005 and the
circular dated 16 November 2005 pertaining to, inter alia, the disposal
of m Cubed Life Limited ("the disposal").
The only outstanding condition required to be fulfilled for the disposal
to become unconditional and final was the approval of the Registrar of
Long-Term Insurance ("the Registrar").
In terms of the written agreement (duly amended) governing the terms and
conditions of the disposal, Fidentia Holdings (Proprietary) Limited ("the
Purchaser") had the onus of seeking the unconditional approval for the
disposal from the Registrar, which approval was required to be obtained
on or before 31 July 2006, failing which the agreement would lapse and
would be of no force and effect.
Such approval was not obtained on or before 31 July 2006 and the
agreement in respect of the disposal of m Cubed Life has accordingly
lapsed. The Purchaser has advised that they are not willing to grant any
further time extension for fulfilment of the above suspensive condition.
The reviewed financial results of the company for the year ended 28
February 2006, published on 12 June 2006, exclude the financial effects
of the lapsed disposal.
The board of directors of the Company will, as previously indicated,
continue to work on unlocking value for shareholders.
2 Renewal of cautionary announcement
Shareholders are advised that the dispute with the Regulator referred to
in the Reviewed Financial Results dated 12 June 2006 and various previous
cautionary announcements has not been resolved as yet. Negotiations in
this regard are still in progress.
The company accordingly advises shareholders to continue exercising
caution when trading in the company"s shares.
Johannesburg
2 August 2006
Sponsor
PSG Capital Limited
Date: 02/08/2006 05:05:05 PM Produced by the JSE SENS Department
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