JASCO ELECTRONICS HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number: 1987/003293/06)

Share Code: JSC ISIN: ZAE000003794 ("Jasco" or "the Group")

UPDATE TO LEASE AGREEMENT WITH A RELATED PARTY

Shareholders are referred to the announcement released on SENS on 22 April 2022, regarding the Related Party Lease Agreement entered into between Jasco, together with Jasco Trading Proprietary Limited ("Jasco Trading"), (a wholly owned subsidiary of Jasco) and CIH Projects no 55 Proprietary Limited (an associated company of Community Investment Holdings Proprietary Limited ("CIH")).

One of the suspensive conditions to the Related Party Lease Agreement remains to register the property in the name of CIH. If any Suspensive Condition is not fulfilled for any reason whatsoever and is not waived, the Related Party Lease Agreement shall be of no force or effect. The parties shall be entitled to be restored as near as possible to the positions in which they would have been, had this Related Party Lease Agreement not been entered.

The parties are in the process of finalising the required documents to register the property in the name of CIH. Delays were experienced in obtaining the correct rates and taxes clearance certificate required to effect the transfer of title. Jasco has now received the correct clearance certificate and made the necessary payment to facilitate the finalisation of the transfer process.

The Related Party Lease Agreement constitutes a related party transaction in terms of the Listings Requirements of the JSE Limited and is therefore subject to shareholder approval. Shareholders are advised that, due to the delays experienced, the JSE has granted Jasco an extension and that the circular containing, inter alia, the details of the Related Party Lease Agreement, the report of the independent expert and a notice of general meeting will be distributed to Jasco shareholders on or about 4 August 2022.

Midrand

10 June 2022

JSE Sponsor

Grindrod Bank Limited

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Jasco Electronics Holdings Limited published this content on 10 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2022 08:01:04 UTC.