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VISUAL INTERNATIONAL HOLDINGS LIMITED - Update Announcement Regarding the Proposed Acquisition of Agilitee South Africa (Pty) Ltd & Cautionary Announcement

Release Date: 01/07/2021 08:11
Code(s): VIS     PDF:  
Wrap Text
Update Announcement Regarding the Proposed Acquisition of Agilitee South Africa (Pty) Ltd  & Cautionary Announcement

VISUAL INTERNATIONAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/030975/06)
ISIN code: ZAE000187407         Share code: VIS
(“Visual” or “the Company”)


UPDATE ANNOUNCEMENT REGARDING THE PROPOSED ACQUISITION OF AGILITEE SOUTH AFRICA
PROPRIETARY LIMITED (“AGILITEE SA”) AND CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the detailed cautionary announcement relating to the proposed
acquisition of Agilitee SA from Agilitee Proprietary Limited (“Agilitee Africa”), which company is
ultimately controlled by Mandla Lamba. The acquisition will be undertaken on the basis of a share
for share acquisition. The acquisition will be a related party transaction as defined in the JSE Listings
Requirements and Mandla Lamba and his associates will be precluded from voting on the
acquisition.

Shareholders are advised that following a due diligence exercise, the Board has resolved to
continue with the acquisition process in line with the signed term sheet, details of which have been
previously announced.

Conditions precedent
The acquisition will be Category One transaction and is still subject to a number of conditions
precedent, including a formal legal agreement being signed, certain outstanding documents in
terms of the term sheet (which will be addressed during the contracting stage), regulatory
approvals of both the JSE and Takeover Regulation Panel as well as the approval of Visual
shareholders in general meeting. A profit forecast will be included in the circular to shareholders,
reviewed by reporting accountants, due to the Company being relatively new.

Cautionary announcement
The Company still needs to obtain and publish the required financial information. Accordingly,
shareholders are advised to exercise caution when dealing in their securities until a further
announcement is made.

CAPE TOWN
1 July 2021

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 01-07-2021 08:11:00
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