NOTICE OF RESIGNATION
Clive Butkow has resigned as a Director from Grovest Venture Capital Company effective from 18 May 2018. The Board would like to thank Clive for his time and contribution that he has given towards the growth and success of the Company.
ATTENTION: GROVEST VENTURE CAPITAL COMPANY LIMITED SHAREHOLDERS
The Private Placement Memorandum (“PPM”) of June 2013 contravened section 99(2) of the Companies Act, 2008 as amended (“the Act”) and was so found by the Companies and Intellectual Property Commission (“CIPC”) and the Companies Tribunal (“the Tribunal”).
No prejudice was caused to subscribers by this oversight as the Private Placement Memorandum which was issued was comprehensive in nature, presented in the format of a prospectus and contained all relevant and material information for prospective investors to make an informed investment decision.
Please note that the findings by CIPC and the Tribunal that the company contravened section 99(2) of the Act does not invalidate any subscription in the shares of Grovest Venture Capital Company Limited, or any tax deductions to which you have been entitled to pursuant to the subscription of shares.
Should you have any queries, please contact us on:
Telephone: 083 7000 525
DIRECTORS RESOLUTION – 28 January 2014
AMENDMENT TO THE PRIVATE PLACEMENT MEMORANDUM
On the 28th of January 2014, the Directors of Grovest resolved to amend the following terms contained in the Private Placement Memorandum issued on 15 June 2013:
- Retain the issue price per ordinary share at the initial offer price of R1000 per share until 28 February 2014;
- Amend the agreement with the manager (Venture Capital Management Services (Pty) Ltd – VCMS) to pay a fee equal to 3% of funds raised as a re-imbursement for establishment costs instead of the initially agreed, fixed fee of R3 000 000;
- Accept the resignations of Mark Sonik effective 30 November 2013 and Don Millar with effect from 27 January 2014 from the Board of Grovest;
- Appoint Clive Butkow to the board of Grovest effective 28 January 2014;
- Amend the Private Placement Memorandum as per above and make it available on the company’s website.