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m Cubed delisting announcement
Shareholders are advised that m Cubed made an application to the JSE on 27 August 2012 to delist the Company for the reasons set out below, which application has subsequently been approved by the JSE on 26 October 2012. Accordingly the Company will no longer proceed with the application for:
- the reverse listing;
- the lifting of the suspension of m Cubed, and
- the mirror listing of m Cubed into a new entity, named Trinity Investment Holdings Ltd. (collectively "the Listing Process"), as set out in more detail in the announcements released on SENS on 21 December 2011 and 26 April 2012, respectively ("Previous Announcements").
Rationale
m Cubed began the Listing Process in September 2011. Given the length of time it has taken to complete the Listing Process, m Cubed has decided not to proceed with the Listing Process at this stage. The reason for the delay in the completion and implementation of the Listing Process is that m Cubed has not been able to meet certain regulatory requirements in order to implement the Listing Process of the JSE.
In light of m Cubed's current status as a JSE cash shell, it cannot implement the proposed acquisitions (as set out in the Previous Announcements) without obtaining shareholder and JSE approval. These transactions are incurring expenses and interest charges which, given the delay, the Company cannot continue to justify to shareholders. The m Cubed board of directors has therefore taken the view that it is in the interest of shareholders to delist the Company. It is possible that m Cubed may seek a listing at a later stage, should the investments it has made justify same. It is the goal of the board to return significant value back to shareholders in the near term. Accordingly the board of directors applied for the approval of the delisting which has been granted and will be implemented on the dates and times set out below.
Salient dates
The salient dates and times relating to the delisting are as follows:
- Finalisation Date for publication of delisting information: Tuesday, 30 October 2012
- Record Date for delisting: Friday, 16 November 2012
- Delisting Date at commencement of trade: Monday, 19 November 2012.
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