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CSP - Chemical Specialities Limited - Fulfilment of conditions and salient dates

Release Date: 19/10/2011 17:25
Code(s): CSP
Wrap Text

CSP - Chemical Specialities Limited - Fulfilment of conditions and salient dates for the rights offer Chemical Specialities Limited Incorporated in the Republic of South Africa Registration number 2005/039947/06 Share code: CSP ISIN: ZAE000109427 ("ChemSpec" or "the Company") FULFILMENT OF CONDITIONS AND SALIENT DATES FOR THE RIGHTS OFFER Shareholders are referred to the announcements previously released by ChemSpec on the Securities Exchange News Service ("SENS") in respect of: (a) the convening of a general meeting of shareholders to approve: * the conversion of the authorised and issued share capital from par value to no par value ordinary shares and the increase of the authorised share capital from 1,000,000,000 ordinary shares to 1,500,000,000 ordinary shares of no par value; * the specific issues of ordinary shares for approximately R46,8 million to the Industrial Developmental Corporation of South Africa Limited ("the IDC") and Clark Investments ("the specific issues"); and * the adoption of an employee share option scheme; and (b) a capital raising of approximately R214.3 million by way of a rights offer ("the rights offer"). ChemSpec shareholders are hereby advised that at the general meeting held on 17 October 2011, all the resolutions proposed, were passed by the requisite majorities and where applicable, registered by the Companies and Intellectual Property Commission. Accordingly, all the suspensive conditions to the rights offer have been fulfilled. Clark Investments, Corvest 6 (Proprietary) Limited and the IDC have irrevocably committed to follow their rights in the aggregate of R120,8 million. In addition, Clark Investments have partially underwritten the rights offer in the amount of R10 million, at no consideration. The underwriting is subordinate to first satisfying all excess rights offer shares applied for. ChemSpec shareholders will be permitted to apply for new ChemSpec shares in excess of their entitlement. Should there be excess rights offer shares available for allocation, these will be allocated to applicants in a manner viewed as equitable in terms of the Listing Requirements of the JSE Limited. The salient dates and times applicable to the rights offer remain as follows: 2011
Last day to trade in ChemSpec ordinary Friday, 21 October shares in order to participate in the rights offer (cum entitlement) Listing of and trading in the letters of Monday, 24 October allocation in respect of new ChemSpec shares on the JSE commences at 09:00 ChemSpec ordinary shares commence trading ex Monday, 24 October entitlement on the JSE at 09:00 Record date for the rights offer Friday, 28 October Rights offer opens at 09:00 and the rights Monday, 31 October offer circular posted to shareholders Certificated shareholders will have their Monday, 31 October letters of allocation credited to an electronic account held at the transfer secretaries Dematerialised shareholders will have their Monday, 31 October accounts at their CSDP or broker credited with their entitlement Last day for trading letters of allocation Friday, 11 November on the JSE Listing of maximum number of rights offer Monday, 14 November shares and trading therein on the JSE commences at 09:00 Rights offer closes at 12:00. Payment to be Friday, 18 November made and form of instruction lodged by certificated shareholders at the transfer secretaries Record date for the letters of allocation Friday, 18 November Rights offer shares issued and posted to Monday, 21 November shareholders in certificated form on or about CSDP or broker accounts in respect of Monday, 21 November dematerialised shareholders will be updated with rights offer shares and debited with any payments due Results of rights offer announced on SENS Monday, 21 November CSDP or broker accounts in respect of Wednesday, 23 November dematerialised shareholders will be updated with excess rights offer shares (where applicable) and debited with any payments due on or about Excess Rights offer shares issued (where Wednesday, 23 November applicable) and posted to shareholders in certificated form on or about Adjustments to the number of rights offer Wednesday, 23 November shares listed effected on the JSE on or about Notes: (1) Unless otherwise indicated, all times are South African times. (2) CSDPs effect payment in respect of dematerialised shareholders on a delivery versus payment method. (3) ChemSpec shareholders may not dematerialise or rematerialise their ChemSpec ordinary shares between Monday, 24 October 2011 and Friday, 28 October 2011, both dates inclusive. Verulam 19 October 2011 Corporate and Designated Advisor Grindrod Bank Limited Date: 19/10/2011 17:25:02 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.

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