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

SOV/SOVN - Sovereign Food Investments Limited - Sovereign rights offer

Release Date: 14/03/2011 17:51
Code(s): SOV SOVN
Wrap Text

SOV/SOVN - Sovereign Food Investments Limited - Sovereign rights offer oversubscribed Sovereign Food Investments Limited Incorporated in the Republic of South Africa Registration number 1995/003990/06 JSE code: SOV ISIN: ZAE000009221 JSE code for LAs: SOVN ISIN for LAs: ZAE000152856 ("Sovereign" or "the Company") SOVEREIGN RIGHTS OFFER OVERSUBSCRIBED Further to the announcements published by the Company on SENS on 21 October 2010, 1 February 2011 and 21 February 2011 and the circular to Sovereign shareholders ("Shareholders") dated 21 February 2011 ("Circular") regarding the renounceable rights offer ("Rights Offer") of 31 578 947 new Sovereign ordinary shares ("Rights Shares") to Shareholders at a subscription price of 475 cents per Rights Share in the ratio of 66.04155 Rights Shares for every 100 Sovereign ordinary shares held on the record date of the Rights Offer and which closed on Friday, 11 March 2011, Shareholders are advised that subscriptions for 39 422 835 Rights Shares were received in terms of the Rights Offer, resulting in a total oversubscription for 124.8% of the Rights Shares available for subscription. In accordance with the underwriting agreement entered into between Sovereign and Coronation Asset Management (Proprietary) Limited ("Underwriter"), Rights Shares not taken up by Shareholders who did not follow all or some of their rights in terms of the Rights Offer were first allocated to the Underwriter and any remaining Rights Shares were then allocated, in an equitable manner to those Shareholders who applied for Rights Shares in excess of their entitlement ("Excess Shares"). The Rights Shares were allocated as follows: Number of Percentage of Rights Shares Rights Shares
(%) Rights Shares available for 31 578 947 100 subscription Rights Shares subscribed for 31 313 988 99.1 Excess Shares subscribed for 8 108 847 25.7 Total 39 422 835 124.8 Rights Shares allocated to the 264 959 0.8 Underwriter Rights Shares available for - - allocation to Excess Share applicants As a result of the strong support for the Rights Offer, no Excess Shares were available for allocation to Excess Share applicants. Dematerialised shareholders` accounts will be updated with Rights Shares and Rights Shares certificates posted to certificated Shareholders on or about Monday, 14 March 2011. Port Elizabeth 14 March 2011 Sole Bookrunner, Corporate Advisor and Sponsor One Capital Attorneys Cliffe Dekker Hofmeyr Inc. Date: 14/03/2011 17:51:11 Supplied by www.sharenet.co.za 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.

Share This Story