BRIEF-Ecsponent Says Issue Of Shares For Cash To Related Party

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BRIEF-Ecsponent Says Issue Of Shares For Cash To Related Party
Credit: © Reuters.

March 20 (Reuters) - Ecsponent Ltd ECSJ.J :

* JSE: ECS - ECSD2 - SPECIFIC ISSUE OF SHARES FOR CASH TO A RELATED PARTY AND RENEWAL OF THE CAUTIONARY ANNOUNCEMENT

* ECSPONENT LTD - ENTERED INTO A BINDING TERM SHEET WITH MHMK GROUP LIMITED

* ECSPONENT - MHMK TO SUBSCRIBE FOR, AND CO TO ISSUE, 8.81 BILLION SHARES TO MHMK GROUP AT ZAR0.0245 PER ORDINARY SHARE

* ECSPONENT LTD - TOTAL SUBSCRIPTION CONSIDERATION OF ZAR215.8 MILLION

* ECSPONENT - PROCESS OF INVESTIGATING RECAPITALISATION OF BALANCE SHEET, NEGOTIATIONS WITH ULTIMATE MAJOR SHAREHOLDER, MHMK

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