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Proposed unbundling of AF Pref’s shareholding in Alexander Forbes and renewal of cautionary announcement
Alexander Forbes Preference Share Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 2006/031561/06
Share code: AFP & ISIN number: ZAE000098067
("AF Pref" or "the Company")
PROPOSED UNBUNDLING OF AF PREF'S SHAREHOLDING IN ALEXANDER FORBES AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT REGARDING THE LISTING OF ALEXANDER
FORBES GROUP HOLDINGS LIMITED
Holders of AF Pref preference shares ("Preference Shareholders") are referred to the
cautionary announcements released on the Stock Exchange News Service ("SENS") of the
JSE Limited ("JSE") on 17 April 2014 and 5 June 2014 as well as the subsequent
announcement on 23 June 2014 whereby Preference Shareholders were referred to the
press release issued by Alexander Forbes Group Holdings Limited (previously Alexander
Forbes Equity Holdings Proprietary Limited) ("Alexander Forbes") confirming its intention to
list on the securities exchange operated by the JSE (the “Listing”), subject to requisite
approvals by the JSE.
Preference Shareholders are hereby advised that a pre-listing statement ("PLS") has been
published by Alexander Forbes today. Copies of the PLS may be obtained from Alexander
Forbes’ website www.alexanderforbes.co.za or from the Alexander Forbes head office
situated at 115 West Street, Sandton, South Africa, during normal business hours from
Monday, 7 July 2014 until Thursday, 17 July 2014 (and certain other locations as
communicated in the abridged PLS announcement of Alexander Forbes released on SENS
today). Copies are available to Preference Shareholders during this period at no cost.
Preference Shareholders are further advised that the Board of Directors of AF Pref (the
"Board") has resolved to propose to unbundle the Company’s entire shareholding in
Alexander Forbes to its Preference Shareholders, subject to the Listing proceeding (the
"Unbundling").
The implementation of the Unbundling will be subject to the requisite approvals of the
ordinary shareholder and the Preference Shareholders of AF Pref at a general meeting. The
Board has undertaken that the Unbundling will be implemented as soon as practicable, but
is likely to require approximately 60 days following the Listing of Alexander Forbes.
Furthermore, Preference Shareholders’ attention is drawn to the indicative pricing range
communicated by Alexander Forbes in the PLS of between R6.90 and R8.05 per ordinary
share of Alexander Forbes. Preference Shareholders of AF Pref currently hold an effective
interest of approximately 1.095 ordinary shares in Alexander Forbes for each 1 Preference
Share of AF Pref.
A further announcement setting out the full terms of the Unbundling including the
timetable of its implementation will be released in due course. Preference Shareholders are
advised to continue exercising caution when dealing in the Company’s preference shares
until a detailed announcement is made.
Johannesburg
7 July 2014
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/07/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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