Sacoven PLC Proposed Cancellation of Admission (7780N)

TIDMSCN

RNS Number : 7780N

Sacoven PLC

28 October 2016

SACOVEN PLC

(Incorporated in Jersey under the Companies (Jersey) Law 1991

(Company number 110296)

AIM Share code: SCN

JSE Share code: SCV

ISIN: JE00B7YH8W36

("Sacoven" or the "Company")

Update regarding Proposed Cancellation of Admission to Trading on AIM and Delisting from the Alt-X and Proposed Redemption of Ordinary Shares and

Cautionary Announcement

On 13 October 2016, the Company announced that the directors of the Company had resolved it was no longer desirable to make or otherwise pursue an acquisition in accordance with the Company's investment policy and, as such, did not propose seeking further approval at the Company's AGM, to be held on 31 October 2016, for the continuation of its investment policy. As a consequence, it was proposed that the admission of the Company's shares to trading on AIM is cancelled and such shares are delisted from the Alt-X (the "Delisting") and the Company's shares be redeemed by the Company in accordance with the provisions set out in the articles of association.

As noted at the time, for the redemption to take effect, shareholders representing the majorities required by the rules of AIM and the Alt-X, respectively, would be required to vote in favour of the Delisting at a general meeting of shareholders (the "EGM").

The Company has prepared a circular in connection with both the redemption process and for the purposes of convening the EGM which requires, amongst other things, the prior approvals of (i) the JSE Limited and (ii) the South African Reserve Bank before the Company is able to publish the circular and distribution it to its shareholders.

The Company now anticipates being able to publish the circular on or around 9 November 2016. At such time, the Company will provide an update to the timetable previously notified on 13 October 2016 in relation to the Delisting and redemption processes although it is still anticipated that these processes will be completed during December 2016.

Shareholders are advised that the new developments stated above may have a material effect on the price of the company's securities. Accordingly, Shareholders are advised to exercise caution when dealing in the company's securities until a full announcement regarding the Delisting and redemption process is published.

28 October 2016

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 
 JSE Sponsor                 AIM Nominated Adviser and 
                              Broker 
 KPMG Services Proprietary   Liberum Capital Limited 
  Limited                     Clayton Bush Christopher 
                              Britton 
                              Tel: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 28, 2016 10:15 ET (14:15 GMT)