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CVS
CVS
CVS - Corvus - Update and Notice of Suspension of Shares on the JSE
CORVUS CAPITAL (SA) HOLDINGS LIMITED
(Formerly Zeltis Holdings Limited)
(Registration No: 1946/0021141/06)
("Corvus")
JSE CODE: CVS & ISIN CODE: ZAE000075842
UPDATE AND NOTICE OF SUSPENSION OF SHARES ON THE JSE
On 18 January 2006, following completion of the mandatory offer by Corvus
Capital Inc. ("Corvus Capital"), the Company changed its name from Zeltis
Holdings Limited to Corvus SA and additional directors were appointed to
the board at a general meeting of the Company. The board decided that the
existing business of Corvus SA had become non-core to its future strategy
and it is in this regard that the Company entered into an agreement for the
sale of all its subsidiaries to Mr RN McLeod with an effective date of 23
January 2006. The disposal agreement still needs to be approved by the
majority of shareholders at a general meeting of the Company, such general
meeting to be held in the first quarter of 2007. The Company has received
irrevocable undertakings to vote in favour of the disposal from
shareholders holding over 50% of the share capital. Following approval of
the disposal, Corvus Capital intends to inject funding into Corvus SA by
way of a claw-back rights issue to establish a well capitalized and focused
investment holding company seeking attractive investments in South Africa,
with a principal focus on the resources and commodities, manufacturing and
real estate sectors.
It is the intention of the Company to acquire businesses which comply with
the listing requirements of the JSE ("Qualifying Business(es)") once the
disposal has been formally approved. To date the directors of the Company
have identified and investigated several potentially attractive investment
opportunities operating in the resources sector in South Africa. Initial
due diligence has been conducted on these opportunities however, for
varying reasons, discussions on a number of these opportunities have not
been taken forward.
The directors are continuing to identify and investigate potential
attractive investment opportunities and discussions remain on-going in
relation to two potential favoured acquisition targets. Investigations and
negotiations in relation to these targets are at an early stage and no
formal agreements have as yet been entered into. The directors are
confident that an acquisition will be concluded in the first quarter of
2007 however the Company is not currently in a position to provide
shareholders (and the market) with detailed information in relation to
either of these opportunities.
Given that the Company has not yet entered into formal agreements to
acquire a Qualifying Business, the JSE has insisted that the shares of the
Company be suspended until such time as the Company is able to provide
shareholders (and the market) with a circular setting out the terms of a
proposed acquisition of a Qualifying Business. As such the directors have
agreed with the JSE that the shares of the Company be suspended from
trading on the JSE with effect from 09h00 (SA Time) on Monday, 18 December
2006.
The directors of the Company will continue with the current discussions and
negotiations in relation to potential acquisition targets and look forward
to concluding an attractive acquisition of a Qualifying Business which will
create value for all Shareholders. An announcement in this regard will be
made at the appropriate time, at which point the directors expect the
suspension to be lifted and trading in the shares on the JSE to recommence.
Johannesburg
13 December 2006
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 13/12/2006 16:29:03 Produced by the JSE SENS Department.
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