- March 15, 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 announcements 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”) and on 18 January 2007 (“the January 2007 announcement”),regarding the Fabvest transaction, in terms of which HCI effectively acquired a 19% interest in Tsogo Investment Holding Company (Pty) Limited.
Shareholders were advised in such announcements that the Fabvest transaction had become unconditional and was implemented in December 2006.
Shareholders were also advised that, despite the transaction being unconditional, approval of the transaction from the Gauteng Gambling Board was still outstanding.
2. Ruling of the Gauteng Gambling Board dated 14 March 2007
On 14 March 2007, HCI was informed by the Gauteng Gambling Board (“the GGB”) that HCI`s application for the approval of the Fabvest transaction has been granted by the GGB, without conditions.
3. Ruling of the Mpumalanga Gambling Board dated 17 January 2007
HCI shareholders were advised in the January 2007 announcement that the Mpumalanga Gambling Board (“the MGB”) refused HCI`s application for the approval of the Fabvest transaction. HCI has requested further particularity from the MGB, wherafter it 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.