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HCI
HCI
HCI - HCI - Further announcement in respect of the transaction
between HCI and Fabvest
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)
Further announcement in respect of the transaction between HCI
and Fabvest Investment Holdings Limited ("Fabvest") relating
to the acquisition by HCI of the remaining 50% of the shares
held by Fabvest in Fabcos Investment Holding Company Limited
("the Fabvest transaction")
1. Introduction
Shareholders of HCI are referred to the announcements
published by HCI on the Securities Exchange News Service
("SENS") of the JSE Limited ("JSE") and in the press on
29 November 2006 ("the November 2006 announcement") and
on 18 January 2007 ("the January 2007 announcement"),
regarding the Fabvest transaction, in terms of which HCI
effectively acquired a 19% interest in Tsogo Investment
Holding Company (Pty) Limited.
Shareholders were advised in such announcements that the
Fabvest transaction had become unconditional and was
implemented in December 2006.
Shareholders were also advised that, despite the
transaction being unconditional, approval of the
transaction from the Gauteng Gambling Board was still
outstanding.
2. Ruling of the Gauteng Gambling Board dated 14 March 2007
On 14 March 2007, HCI was informed by the Gauteng
Gambling Board ("the GGB") that HCI`s application for the
approval of the Fabvest transaction has been granted by
the GGB, without conditions.
3. Ruling of the Mpumalanga Gambling Board dated 17 January
2007
HCI shareholders were advised in the January 2007
announcement that the Mpumalanga Gambling Board ("the
MGB") refused HCI`s application for the approval of the
Fabvest transaction. HCI has requested further
particularity from the MGB, wherafter it intends taking
appropriate legal action with a view to protecting its
interests. This process is underway and shareholders
will be informed of material developments in this regard
from time to time.
15 March 2007
Cape Town
Sponsor Legal Advisor Corporate Advisor
Investec Edward Nathan HJS
Sonnenbergs
Date: 15/03/2007 17:20:00 Produced by the JSE SENS Department.
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