MCU
MCU
m Cubed - Lapse of agreements concluded between m Cubed and Fidentia
m CUBED HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1998/014568/06)
Share code: MCU & ISIN: ZAE000033353
("m Cubed" or "the company")
Lapse of agreements concluded between m Cubed and Fidentia Holdings (Pty)
Limited ("Fidentia")
Shareholders are referred to the announcement dated 4 July 2005, the circular
dated 16 November 2005 and the reviewed financial results of the company for the
year ended 28 February 2006 pertaining to, inter alia, the disposal of AOS Fund
Services Limited ("AOS FS") and m3 Capital Management (Guernsey) Limited ("m3
Guernsey") by the company to Fidentia for R2,5 million and R10 million
respectively ("the disposals).
In terms of the written agreements governing the terms and conditions of the
disposals, the disposal of m3 Guernsey and AOS FS to Fidentia was subject to
Fidentia seeking and obtaining the unconditional approval of the Guernsey
Financial Services Commission on or before 30 September 2006. This was the only
outstanding condition required to be fulfilled for the disposals of AOS FS and
m3 Guernsey to become unconditional and final.
The aforesaid regulatory approvals were not obtained on or before 30 September
2006, as required, and Fidentia has advised the company that it is not willing
to grant any further extension of time for the fulfilment of the above
outstanding conditions. Shareholders are accordingly notified that such
agreements in respect of the disposals of AOS FS and m3 Guernsey have
accordingly lapsed and are of no further force or effect.
The reviewed financial results of the company for the year ended 28 February
2006, published on 25 August 2006, did not take into account the effect of the
above disposals.
The board of directors of the company are currently considering their position
in relation to AOS FS and m3 Guernsey.
Johannesburg
19 October 2006
Sponsor
PSG Capital Limited
Date: 18/10/2006 03:16:08 PM Produced by the JSE SENS Department
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