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ATR
ATR
ATR - Africa Cellular Towers Limited - Shareholders` update regarding the
restructuring of the IDC funding of R99 Million, proposed rights offer and
restructuring of debt, legal action taken by a creditor against Actowers and
further cautionary announcement
AFRICA CELLULAR TOWERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/027374/06)
JSE code: ATR
ISIN: ZAE000088084
("ACTowers" or "the company")
SHAREHOLDERS` UPDATE REGARDING THE RESTRUCTURING OF THE IDC FUNDING OF R99
MILLION, PROPOSED RIGHTS OFFER AND RESTRUCTURING OF DEBT, LEGAL ACTION TAKEN
BY A CREDITOR AGAINST ACTOWERS AND FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements issued by the company, the latest of
which was dated 26 April 2012, shareholders are advised that agreement in
principle was reached between the company and the IDC in terms of which the
IDC would restructure its funding line of R99 million subject to certain
conditions precedent and more specifically that the company secure an equity
partner to underwrite a rights issue. The company has received a letter of
intent from a funder to underwrite such rights offer to the extent of R7.5
million and the final decision by the IDC Credit Committee regarding the
restructuring of its funding is expected by 25 May 2012. If successfully
concluded, the restructuring will provide the company with additional working
capital of R51 million.
The directors of the company are considering the implementation of a rights
offer after the finalisation of the restructuring of the IDC funding. As part
of the IDC funding and the rights issue the company will enter into
discussions with the secured and concurrent creditors for the purpose of
restructuring the Balance Sheet of the company
INTER-DEPENDENCY AND DEADLINE:
The above matters are all inter-dependent and the company anticipates that
they will be resolved by 28 May 2012.
LEGAL ACTION TAKEN BY A CREDITOR AGAINST ACTOWERS
A creditor served a liquidation application against ACTowers on 14 May 2012.
The company is seeking legal advice in regard to these proceedings and a
further announcement will be made in this regard.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are advised to continue exercising caution when dealing in the
company`s securities until a further announcement in respect of the above
matters is made.
JOHANNESBURG
16 May 2012
Designated Adviser
Vunani Corporate Finance
Date: 16/05/2012 15:05:15 Produced by the JSE SENS Department.
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