PPC LIMITED - PPC002/ PPC003 and PPC003 - Results of Noteholders Election and Consents

PPC002/ PPC003 and PPC003 - Results of Noteholders Election and Consents

PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
(the “Company” or "Issuer")
JSE Bond Code: PPC002                  ISIN: ZAG000111212
JSE Bond Code: PPC003                  ISIN: ZAG000117524
JSE Bond Code: PPC004                  ISIN: ZAG000117532

RESULTS OF NOTEHOLDERS ELECTION AND CONSENTS

INTRODUCTION

1.     Noteholders are referred to Issuer Redemption and Consent Notice published by the Company
       on the Stock Exchange News Service of the JSE Limited (“JSE”) on Thursday, 2 June 2016.

2.     In the Issuer Redemption and Consent Notice each Noteholder was requested to (i) elect or not
       to elect to have the Issuer redeem the Notes held by that Noteholder by completing a Noteholder
       redemption notice; and (ii) consent or not consent to the proposed amendments to the applicable
       pricing supplements relating to the outstanding Notes issued under the Company’s domestic
       medium term note programme (the Programme). The Company now wishes to inform
       Noteholders of the results of the Noteholders’ decision in this regard.

3.     Capitalised terms used herein which are not otherwise defined shall bear the meanings ascribed
       thereto in the Terms and Conditions set out under the section of the Programme Memorandum,
       dated 18 March 2013, headed “Terms and Conditions of the Notes”.

RESULTS

4.     Strate Proprietary Limited has confirmed that:

4.1.      Noteholders representing 92.26% of the aggregate Outstanding Nominal Amount of the Notes
          issued under the Programme voted in favour of the early redemption of the Notes;

4.2.      Noteholders representing 15.69% of the aggregate Outstanding Nominal Amount of the Notes
          issued under the Programme voted in favour of the proposed amendments to the applicable
          pricing supplements relating to the outstanding Notes as outlined in the Issuer Redemption
          and Consent Notice; and

4.3.      Noteholders representing 7.74% of the aggregate Outstanding Nominal Amount of the Notes
          issued under the Programme did not exercise their rights to require the Issuer to redeem the
          Notes held by them nor did they consent to the proposed amendments to the applicable
          pricing supplements.

5.     As a consequence of not having achieved the requisite majority of consents required to give
       effect to the proposed amendments to the applicable pricing supplements, those Noteholders
       who have elected for early redemption of their Notes and did not consent to the proposed
       amendments to the applicable pricing supplements will have their Notes redeemed on 15 July
       2016.

6.     Notwithstanding the results, the Issuer will approach those Noteholders who consented to the
       proposed amendments to the applicable pricing supplements with an offer to exchange their
       Notes for notes with terms similar to the “PPC005 Notes”, as detailed in the draft applicable
       pricing supplement relating to the proposed PPC005 Notes annexed to the Issuer Redemption
       and Consent Notice.

28 June 2016

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

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