ELLIES HOLDINGS LIMITED - Update on acquisition, delay in publication of results, voluntary business rescue and cautionary announcement

Update on acquisition, delay in publication of results, voluntary business rescue and cautionary announcement

ELLIES HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2007/007084/06)
JSE share code: ELI ISIN: ZAE000103081
("Ellies" or the "Company")


UPDATE ON PROPOSED ACQUISITION, DELAY IN PUBLICATION OF INTERIM RESULTS, VOLUNTARY BUSINESS RESCUE
APPLICATION AND CAUTIONARY ANNOUNCEMENT


Update on proposed acquisition
Shareholders are referred to the initial announcement released on SENS on 1 February 2023, detailing
the proposed acquisition of Magetz Electrical Proprietary Limited and Power on Wheels Proprietary
Limited (collectively, "Bundu Power") (the "Proposed Acquisition"), together with the update
announcement released on 4 December 2023. The Proposed Acquisition was subject to debt funding
by the Company's bankers and the approval of Ellies shareholders in general meeting by
31 January 2024. Our bankers have advised that they will not fund the proposed transaction and thus
the Company advises that the conditions precedent will not be met and therefore the agreement in this
regard will lapse and be of no further force or effect.

Delay in publication of interim results
In terms of the JSE Listings Requirements, Ellies's interim results for the six months ended
31 October 2023 are required to be released within three months of the period end. The Company is
still in the process of finalising its interim results for the six months ended 31 October 2023 and
therefore the release of these results will be delayed.

Voluntary business rescue application and cautionary announcement
In light of the above disclosures, the board of directors of Ellies has resolved that it would be in the
best interest of Ellies to commence with voluntary business rescue proceedings in terms of section 129
of the Companies Act, No. 71 of 2008.

Shareholders are advised to exercise caution when dealing in Ellies shares until such time as a further
announcement is made in this regard.

31 January 2024


Sponsor
Java Capital

Date: 31-01-2024 08:41:00
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