To view the PDF file, sign up for a MySharenet subscription.

BRAINWORKS LIMITED - Further terms announcement in relation to the disposal of shares in GetBucks to related parties

Release Date: 19/01/2018 11:58
Code(s): BWZ     PDF:  
Wrap Text
Further terms announcement in relation to the disposal of shares in GetBucks to related parties

Brainworks Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 115883 C1/GBL)
Share Code: BWZ ISIN: MU0548S00000
(“Brainworks” or “the Company”)

Further terms announcement in relation to the disposal of shares in GetBucks to related parties

Shareholders are referred to the Company’s announcement on 13 December 2017 regarding the proposed
disposal by Brainworks Capital Management Private Limited (“Brainworks Capital”) and GetSure Life
Assurance Private Limited (“GetSure”) (collectively referred to as “the Subsidiaries”) of a portion of their
shareholding in GetBucks Microfinance Bank Limited (“GetBucks”) to associates of directors of the Company
(“the Transaction”).

Shareholders are advised that the parties to the transaction have concluded an addendum agreement
incorporating further terms for the Transaction.

Further terms of the Transaction

The purchasers of the GetBucks shares have agreed to advance the consideration due under the disposal
to Brainworks Capital Management, on behalf of Brainworks Capital Management and GetSure, on loan
account. The loan attracts interest at a rate of 9% per annum and is unsecured. The interest on the loan is
to be settled through the delivery of GetBucks Shares at a price of US$0.0333 per GetBucks Share or in
cash should shareholder approval for the Transaction not be obtained by the Company, and is payable on
the earlier of the date when shareholder approval for the Transaction is obtained or 11 June 2018.

Conditions Precedent

The Transaction remains subject to shareholder approval in terms of the Listings Requirements of the JSE
Limited.

Categorisation

The transaction remains a category 2 related party transaction in terms of the JSE Listings Requirements,
which will accordingly require shareholder approval as previously announced.

A circular, incorporating a notice of General Meeting, will be posted in due course.

Ebène, Mauritius
19 January 2018

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 19/01/2018 11:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story