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.