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Poynting Holdings Ltd Announces Acquisition of African Union Communications Proprietary Limited

Monday, 4 Nov 2013 03:00am EST 

Poynting Holdings Ltd announced that it has entered into a Sale of Share and Cession of Claims Agreement dated October 31, 2013 and the addendum thereto dated November 1, 2013 (Agreement) with The MAS Trust (Master’s Reference IT 6611/01), Rudolph Rashama, Tebogo Rashama (collectively referred to hereinafter as the Vendors) and African Union Communications Proprietary Limited (Aucom) to acquire 100% of the issued share capital of Aucom (Shares) and certain claims which the Vendors may have against Aucom (Claims), for a purchase price of ZAR49.5 million (Purchase Price) with effect from July 1, 2013 (Effective Date). The Purchase Price is to be settled by way of the issue and allotment to the respective Vendors of 66.0 million Poynting shares (Share Consideration) at an issue price of 75 cents per Poynting share in the proportion in which each of the Vendors will be liable for any claims by Poynting in terms of the Agreement (Aliquot Share), which proportion, expressed as a percentage, is: The MAS Trust: 55%, Rudolph Rashama: 15% and Tebogo Rashama: 30%. 

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