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METROFILE HOLDINGS LIMITED - Further cautionary announcement

Release Date: 30/04/2020 12:30
Code(s): MFL     PDF:  
Wrap Text
Further cautionary announcement

Metrofile Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1983/012697/06
JSE ordinary share code: MFL
ISIN: ZAE000061727
(‘‘Metrofile’’ or the “Company’’)


Shareholders are referred to the announcement dated 30 March 2020.

The Housatonic Consortium has informed the board of Metrofile that it remains committed to acquiring
Metrofile, but realistically neither it nor its bankers can proceed until the Covid-19 crisis and lockdown
in South Africa are over and international travel restrictions have been lifted. The Housatonic
Consortium will need to see three months of normal trading and revised projections and debt levels
before a firm offer package and funding can be finalised. Accordingly, the Housatonic Consortium and
board of Metrofile have agreed that the current target completion date of 31 May 2020 be postponed
and that further communications to shareholders in this regard are likely to occur after the publication
of the results for the year ended 30 June 2020.

Shareholders are further advised that, to facilitate the BEE requirements of the Housatonic Consortium,
Mineworkers Investment Company (Pty) Limited and Sabvest Limited have agreed in principle to
partially re-invest alongside the Housatonic Consortium through a Special Purpose Vehicle which will
own 25,1% of Metrofile if the transaction is concluded.

Shareholders are advised to continue exercising caution in trading in Metrofile shares.

30 April 2020

Sponsor: The Standard Bank of South Africa Limited

Date: 30-04-2020 12:30:00
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