30 August 2013
JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003293/06
Share Code: JSC & ISIN: ZAE000003794
("Jasco" or "the Company" or “the Group”)
CAUTIONARY ANNOUNCEMENT – DISPOSAL OF M-TEC
Shareholders are hereby advised that the Company is in discussions with Taihan Electric Wire Co. Limited of Korea, (“Taihan”), the other shareholder in Malesela Taihan Electric Cable (Proprietary) Limited (“M-TEC”) regarding a process for the disinvestment by Jasco of its interest in M-TEC, which if successfully concluded may have a material effect on the price of the Company’s securities.
Shareholders are reminded that in terms of the announcement published by Jasco on the Securities Exchange News Service of the JSE Limited (“SENS”) on 22 August 2013, Jasco’s R100 million preference share redemption obligation to AfroCentric Investment Corporation Limited (“AfroCentric”) was extended for redemption until 31 December 2014. This extended redemption date is however subject to change in the event that Jasco disposes of its investment in M-TEC at any time prior to the redemption date. Under such circumstances, Jasco is required in the first instance, to apply the proceeds received from the disposal of M-TEC to redeem the Afrocentric preference shares in full. Given the security structure in place for the redemption of the Afrocentric preference shares, the approval of Afrocentric is required for any agreement for the disposal by Jasco of its investment in M-TEC.
Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until a further announcement is made on SENS.
30 August 2013
Grindrod Bank Limited