AFRICAN DAWN CAPITAL LIMITED - Results Of The Rights Offer

Results Of The Rights Offer

African Dawn Capital Limited
Incorporated in the Republic of South Africa
(Registration Number: 1998/020520/06)
JSE share code: ADW
ISIN: ZAE000060703
(“Afdawn” or the “Company")

RESULTS OF THE RIGHTS OFFER

Shareholders were referred to the declaration announcement
relating to the Afdawn rights offer released on SENS on
Thursday, 6 March 2014 and the circular dated Monday, 17
March 2014 detailing the terms of the rights offer. In
terms hereof, Afdawn announced the raising of up to
R40 654 732.40 from its shareholders by way of a partially
underwritten renounceable rights offer of 508 184 155 new
Afdawn   ordinary   shares   (“Rights   Offer  Shares”)   to
qualifying   Afdawn   ordinary  shareholders  (“the   Rights
Offer”). The Rights Offer Shares were issued in the ratio
of 1 Rights Offer Share for every 1 Afdawn ordinary share
held on the record date, being Thursday, 20 March 2014 at a
subscription price of 8 cents per Rights Offer Share.

The results of the Rights Offer, which closed on Friday, 4
April 2014, are as follows:

                              Number of       % of Rights
                              Rights Offer    Offer Shares
                              Shares
Rights Offer Shares               508 184 155            100%
available for subscription
Rights Offer Shares               222 086 442          43.70%
subscribed for by Afdawn
shareholders
Rights Offer Shares to be          50 000 000           9.84%
issued to the Underwriter
Total Rights Offer Shares         272 086 442          53.54%
subscribed for by
shareholders and issue to
the Underwriter

The Rights Offer was partially underwritten to the amount
of 50 000 000 Rights Offer Shares by Vaalmac Investments
Proprietary Limited (“the Underwriter”). The Underwriter
will settle the issue price of the Rights Offer Shares to
be issued to them, which they subscribed for pursuant to
their underwriting obligations, in cash.

For Afdawn shareholders who have subscribed for the Rights
Offer Shares:
i)   share certificates will be posted to the holders of
     certificated Afdawn shares on or about Monday, 7 April
     2014; and
ii) the Central Securities Depository Participant (“CSDP”)
     or broker accounts of holders of dematerialised Afdawn
     shares will be credited with the Rights Offer Shares
     and debited with any payments due on Monday, 7 April
     2014.

Johannesburg
7 April 2014

Transaction    Adviser   and   Transaction   Designated   Adviser:
PSG Capital

Date: 07/04/2014 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.