ACQUISITION BY MATODZI OF 200 MILLION CUMULATIVE REDEEMABLE PREFERENCE SHARES OWNED BY JCI
30 Mar 2006
Tlotlisa Corporate Finance (“T-Corp”) is authorised to announce that Matodzi and JCI have concluded the following transactions:
the acquisition by Matodzi of 200 million redeemable cumulative preference shares (“the Witnigel prefs”) in Witnigel Investments (Proprietary) Limited (“Witnigel”), representing 100% of the issued preference share capital of Witnigel, currently owned by JCI (“the Witnigel transaction”) for a purchase consideration of R13.3 million; and
the redemption by Matodzi of 200 million unsecured redeemable convertible participating “B” preference shares (“the “B” prefs”) (“the redemption”), representing 100% of the issued preference share capital of Matodzi, currently owned by JCI Investment Finance (Proprietary) Limited (“JCIIF”), a wholly-owned subsidiary of JCI, (collectively, “the transactions”).