Acc-Ross - Further Announcement and Cautionary Ann
ACC
ACC
Acc-Ross - Further Announcement and Cautionary Announcement
ACC-ROSS HOLDINGS LIMITED
(Formerly Le-Sel Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
("the company" or "Acc-Ross")
ISIN Code: ZAE000077335 & Share code: ACC
FURTHER ANNOUNCEMENT AND CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the announcement dated 06 September 2006, wherein
the shares and claims held by the Abalengani group of companies in the Lizard
Point project were to be repurchased and the shares in and claims against
Chestnut Hill Investments 111 (Proprietary) Limited ("Chestnut Hill") were to be
sold to Abalengani, subject to Abalengani re-acquiring interests disposed by
them in Lizard Point to third parties. In the event that Abalengani were not
able to restore Acc-Ross to its original 100% shareholding in Lizard Point by 30
September 2006, the Lizard Point transaction would not proceed and the sale of
Chestnut Hill would be cancelled.
Shareholders are advised that the remaining shareholding in Lizard Point has not
been acquired by 30 September 2006 and thus Acc-Ross will retain Chestnut Hill,
which company houses the Welvergenoed project.
Pro forma financial effects of the suspensive condition not being met were
published on SENS in the announcement dated 06 September 2006.
Cautionary announcement
Shareholders are advised that the company is negotiating with separate parties
to acquire the said shareholding in Lizard Point. Accordingly, shareholders
should exercise caution whilst dealing in their shares.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on AltX and that the JSE does not
guarantee the viability or the success of a company listing on AltX. In terms of
JSE Listings Requirements a Designated Adviser has to be retained by the
company. The Designated Adviser is required to, inter alia, attend all board
meetings held by the company to ensure that all JSE Listings Requirements and
applicable regulations are complied with, approve the financial director of the
company and guide the company in a competent, professional and impartial manner.
If the company fails to retain a Designated Adviser it must make arrangement to
appoint a new Designated Adviser within 10 business days, failing which the
company faces suspension of trading of its securities. If a Designated Adviser
is not appointed within 30 days of its suspension, the company faces the
termination of its listing without an offer to minorities.
Designated Adviser
Arcay Corporate Services
Date of issue: 03 October 2006
Date: 04/10/2006 10:51:02 AM Produced by the JSE SENS Department
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