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BAT - BRAIT S.A. - Results announcement regarding Brait`s ZAR 6.4 billion
capital raising through a fully-underwritten renounceable rights offer ("THE
RIGHTS OFFER") and private placement
BRAIT S.A.
(Incorporated in Luxembourg)
(Registered address: 42, rue de la Vallee, L-2661 Luxembourg)
(RCS Luxembourg B-13861)
ISIN: LU0011857645
Share code: BAT
("Brait" or "the Company")
RESULTS ANNOUNCEMENT REGARDING BRAIT`S ZAR 6.4 BILLION CAPITAL RAISING THROUGH A
FULLY-UNDERWRITTEN RENOUNCEABLE RIGHTS OFFER ("THE RIGHTS OFFER") AND PRIVATE
PLACEMENT
Following the closing of the Rights Offer on 24 June 2011, and the completion
of the public auction arranged by the Luxembourg Stock Exchange ("LuxSE") today,
Wednesday, 29 June 2011 ("Auction"), 100% of the renounceable (nil paid) rights
("Right" or "Rights") have been taken up in line with the guidance given to
holders ("Brait Shareholders") of ordinary shares of no par value in Brait
("Shares") in the circular to Brait Shareholders dated Monday, 18 April 2011
("Circular"). Brait Shareholders have taken up 288,978,441 renounceable (nil
paid) rights ("Right" or "Rights") out of a total 356,961,963 Rights issued
pursuant to the Rights Offer. This represents an 81% take up of the available
Rights. The remaining 67,983,522 unexercised Rights, as announced on the Brait
website and the LuxSE website on Monday, 27 June 2011, were sold to the
underwriters through the Auction, resulting in a 100% take up of the Rights.
Brait Shareholders are further advised that given the substantial take up of
Rights by Brait Shareholders, in order for the Investment Team to obtain an 18%
interest in Brait, the Investment Team will subscribe for an additional
30,251,409 Shares in terms of a private placement at a subscription price of ZAR
16.50 per Share on Monday, 4 July 2011 ("Private Placement"). This will result
in the total capital raised by Brait being ZAR 6.4 billion, an increase of ZAR
500 million on the initial ZAR 5.9 billion Rights Offer target, in line with the
base case scenario in part 7, paragraph 1 per the Circular.
Titan has achieved its desired shareholding of approximately 33.33% in Brait
following the acquisition of Shares in the market, Rights during the Rights
Offer period and its underwriting obligation at the Auction. Therefore a private
placement for Titan will no longer be necessary.
At the conclusion of the Rights Offer and Private Placement on Monday 4 July
2011, the total Shares in issue will be 506,200,693.
A transaction completion announcement will be released on SENS during the week
commencing Monday, 4 July 2011.
29 June 2011
Financial advisor, mandated lead debt arranger and advisor, underwriter and
transaction sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
International legal advisor
M Partners
South African attorneys
Cliffe Dekker Hofmeyr Inc.
Date: 29/06/2011 14:00:18 Supplied by www.sharenet.co.za
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