To view the PDF file, sign up for a MySharenet subscription.

PRIMEDIA - DEBENTURE INTEREST PAYMENT AND RESULTS OF REINVESTMENT

Release Date: 09/12/1997 09:49
Code(s): DUK LON TWE
Wrap Text
PRIMEDIA LIMITED
(REGISTRATION NUMBER 93/03355/06)
("PRIMEDIA")
DEBENTURE INTEREST PAYMENT
RESULTS OF REINVESTMENT AND CASH RETENTION OPTION
1.  INTRODUCTION

RAND MERCHANT BANK LIMITED IS AUTHORISED TO ANNOUNCE THE RESULTS OF THE ELECTION TO EITHER RECEIVE AND REINVEST THE DEBENTURE INTEREST PAYMENT IN ADDITIONAL "N" ORDINARY COMBINED UNITS ("THE REINVESTMENT OPTION") OR TO RECEIVE AND RETAIN THE CASH PAYMENT ("THE CASH RETENTION ELECTION"), THE TERMS OF WHICH WERE ANNOUNCED ON 25 JANUARY 1999. 2. RESULTS OF THE REINVESTMENT OPTION
THE HOLDERS OF 27 254 598 ORDINARY COMBINED UNITS AND 48 580 748 "N" ORDINARY COMBINED UNITS OF PRIMEDIA ELECTED THE REINVESTMENT OPTION. 2.1 RATIO AND EFFECTS OF THE REINVESTMENT OPTION
THE NUMBER OF "N" ORDINARY COMBINED UNITS TO BE ISSUED IN TERMS OF THE REINVESTMENT OPTION ("NEW "N" ORDINARY COMBINED UNITS") IS BASED ON THE RATIO WHICH THE INTEREST PAYMENT OF 22,59 CENTS PER COMBINED UNIT MULTIPLIED BY 1,07 BEARS TO THE WEIGHTED AVERAGE TRADED PRICE OF "N" ORDINARY COMBINED UNITS ON THE JOHANNESBURG STOCK EXCHANGE ("THE JSE") FOR THE THREE-DAY PERIOD ENDED THURSDAY 25 FEBRUARY 1999 ("THE WEIGHTED AVERAGE TRADED PRICE"). THE WEIGHTED AVERAGE TRADED PRICE WAS ROUNDED TO 1 147 CENTS. ACCORDINGLY, 1 596 772 NEW "N" ORDINARY COMBINED UNITS WILL BE ISSUED AGAINST PAYMENT IN TERMS OF THE REINVESTMENT OPTION IN THE RATIO OF 2,107962 NEW "N" ORDINARY COMBINED UNITS FOR EVERY 100 ORDINARY OR "N" ORDINARY COMBINED UNITS HELD AT THE CLOSE OF BUSINESS ON FRIDAY 29 JANUARY 1999. 2.2 LISTING OF NEW "N" ORDINARY COMBINED UNITS
THE LISTING OF NEW "N" ORDINARY COMBINED UNITS WILL COMMENCE ON THE JSE ON MONDAY 8 MARCH 1999.
2.3 POSTING OF NEW "N" ORDINARY COMBINED UNIT CERTIFICATES AND CHEQUES CERTIFICATES IN RESPECT OF THE NEW "N" ORDINARY COMBINED UNITS AND CHEQUES IN RESPECT OF UNALLOCATED FRACTIONAL ENTITLEMENTS WILL BE POSTED TO THE COMBINED UNITHOLDERS CONCERNED ON MONDAY 8 MARCH 1999. 3. RESULTS OF THE CASH RETENTION ELECTION
THE CASH RETENTION ELECTION OF 22,59 CENTS PER COMBINED UNIT WAS EXERCISED BY THE HOLDERS OF 57 966 256 ORDINARY COMBINED UNITS AND 69 133 247 "N" ORDINARY COMBINED UNITS, BEING 68% OF THE ISSUED ORDINARY COMBINED UNITS AND 59% OF THE ISSUED "N" ORDINARY COMBINED UNITS OF PRIMEDIA AS AT FRIDAY 29 JANUARY 1999. CHEQUES IN RESPECT OF THE CASH RETENTION ELECTION WILL BE POSTED TO THE COMBINED UNITHOLDERS CONCERNED ON MONDAY 8 MARCH 1999. SANDTON 4 MARCH 1999 MERCHANT BANK RAND MERCHANT BANK LIMITED ATTORNEYS EDWARD NATHAN & FRIEDLAND INC (REGISTRATION NUMBER 77/00525/21) SPONSORING BROKERS MERRILL LYNCH SOUTH AFRICA (PTY) LTD MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REG. NO. 95/018058/07 HSBC SIMPSON MCKIE (PTY) LIMITED MEMBER OF THE JOHANNESBURG STOCK EXCHANGE REG. NO. 84/01736/07

Share This Story