BRIEF-Conduit Capital Announces Disposal Of Assets And Withdrawal Of Cautionary Announcement

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BRIEF-Conduit Capital Announces Disposal Of Assets And Withdrawal Of Cautionary Announcement
Credit: © Reuters.

Dec 9 (Reuters) - Conduit Capital Ltd CNDJ.J :

* DISPOSAL OF ASSETS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

* CONSIDERATION PAYABLE BY LSH TO CONDUIT CAPITAL IN RESPECT OF DISPOSAL ASSETS IS AN AMOUNT OF AROUND R2 BILLION

* ENTERED INTO A BINDING TERM SHEET WITH TRUSTCO AND ITS SUBSIDIARY, LEGAL SHIELD HOLDINGS LIMITED

* TO SELL ALL ISSUED SHARES OF CONSTANTIA RISK AND INSURANCE HOLDINGS, CONDUIT VENTURES PROPRIETARY IN EXCHANGE FOR SHARES IN LSH

* NET PROCEEDS OF DISPOSAL, BEING LSH ORDINARY SHARES, WILL BE HELD BY CONDUIT CAPITAL FOR INVESTMENT PURPOSES

* DEAL CONSIDERATION TO BE SETTLED BY LSH ISSUING 231 857 ORDINARY SHARES TO CO EACH OF WHICH IS VALUED AT NAD8626.02

* DEAL CONSIDERATION SHARES TO CONSTITUTE ABOUT 16.1% OF ISSUED ORDINARY SHARES OF LSH ON ISSUANCE ON A FULLY DILUTED BASIS

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