- January 18, 2007
- Posted by: admin
- Category: SENS Announcements
Further announcement in respect of the transaction between HCI and Fabvest
Investment Holdings Limited (“Fabvest”) relating to the acquisition by HCI
of the remaining 50% of the shares held by Fabvest in Fabcos Investment
Holding Company Limited (“the Fabvest transaction”)
Shareholders of HCI are referred to the announcement published by HCI
on the Securities Exchange News Service (“SENS”) of the JSE Limited
(“JSE”) and in the press on 29 November 2006 (“the November 2006
announcement”), regarding the Fabvest transaction, in terms of which
HCI effectively acquired a 19% interest in Tsogo Investment Holding
Company (Pty) Limited.
In terms of the November 2006 announcement, shareholders were advised
that the Fabvest transaction had become unconditional and that such
transaction would be implemented with effect from 1 December 2006,
resulting in the consolidation of HCI`s investments, directly and
indirectly, in various companies in the Tsogo group into the accounts
The Fabvest transaction was duly implemented during December 2006.
2. Ruling of the Mpumalanga Gaming Board dated 17 January 2007
On 17 January 2007, HCI was informed by the Mpumalanga Gaming Board
(“the MGB”) that HCI`s application for the approval of the Fabvest
transaction has been refused by the MGB.
HCI does not accept the decision of the MGB in this regard (or the
purported reasons for such decision) and intends taking appropriate
legal action with a view to protecting its interests. This process is
underway and shareholders will be informed of material developments in
this regard from time to time.