February 19, 2018 / 10:42 AM / 4 months ago

BRIEF-Visual International Announcement Regarding Potential Claw Back Offer

Feb 19 (Reuters) - Visual International Holdings Ltd :

* SIGNED A CONDITIONAL AGREEMENT WITH MILOST GLOBAL RELATING TO A SUBSCRIPTION FOR 252.6 MILLION NEW SHARES IN VISUAL

* ‍PROCEEDS WILL SUPPORT RECAPITALISATION OF VISUAL AND PROVIDE WORKING AND DEVELOPMENT CAPITAL FOR BUSINESS​

* AGREEMENT FOR ‍SUBSCRIPTION FOR NEW SHARES IN VISUAL AT SUBSCRIPTION PRICE OF 11.81 CENTS IN ORDER TO RAISE 29.8 MILLION RAND BY WAY OF CLAW BACK OFFER​

* HIGHLY LIKELY THAT VISUAL WILL NOT BE ABLE TO PROCEED WITH ACQUISITION/REVERSE TAKEOVER NEGOTIATIONS AS PREVIOUSLY ANNOUNCED ON JAN 30

* ‍PURSUANT TO CLAW BACK OFFER, MILOST MAY HOLD MORE THAN 35% OF ISSUED SHARE CAPITAL OF VISUAL​ Source text for Eikon: Further company coverage:

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