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ADW - African Dawn Capital Limited - Results of the rights offer AFRICAN DAWN CAPITAL LIMITED (Incorporated in the Republic of South Africa) (Registration number 1998/020520/06) JSE code: ADW ISIN: ZAE000060703 ("Afdawn" or "the company" or "the Group") RESULTS OF THE RIGHTS OFFER 1. Results of the Rights Offer Shareholders are referred to the announcements released on the Securities Exchange News Service of the JSE Limited on 14 June 2011, 22 August 2011, 21 September 2011 and the circular dated 19 August 2011, relating to a R25 million renounceable rights offer of 250 000 000 new Afdawn ordinary shares ("the Rights Offer Shares") at a subscription price of 10 cents per Rights Offer Share ("the Rights Offer"). The Rights Offer closed at 12:00 on Friday, 28 October 2011 and the results thereof are set out in the table below. Number of Rights Offer % of Rights Offer shares shares Rights Offer Shares available for subscription 250 000 000 100% Rights Offer Shares subscribed for 182 022 919 73% Rights offer shares to be issued to the underwriters 67 977 081 27% Sandown Capital Proprietary Limited ("Sandown Capital"), PCI Fintrade Proprietary Limited ("PCI") and Imperial Crown 377 Proprietary Limited ("Imperial Crown"), jointly the Underwriters, agreed to partially underwrite the rights offer up to a maximum of R 12 450 000, represented by 124 500 000 rights offer shares. The Underwriters will settle the issue price of the rights offer shares to be issued to them, and for which they will subscribe for, pursuant to their respective underwriting obligations, in cash as follows: Maximum Rights Offer Shares issued Subscription Shares issued shares available for cash consideration for cash - Underwrite fee Sandown 54 600 065 20 399 935 R 7 500 000 3 000 000 Capital PCI 9 282 011 7 717 989 R 1 700 000 510 000 Imperial 4 095 005 3 404 995 R 750 000 225 000 Crown Total 67 977 081 31 522 919 R 9 950 000 3 735 000 2. Issue of Rights Offer Shares Share certificates will be posted to holders of certificated shares who have followed their rights, on Monday, 31 October 2011. The Central Securities Depository Participant ("CSDP") or broker accounts of holders of dematerialised shares or their renouncees, who have followed their rights, will be credited with the Rights Offer Shares and debited with any payments due on Monday, 31 October 2011. 3. Summary of capital raised Rights Issue: R18 202 292 Underwriting - Rights offer shares issued: R6 797 708 Underwriting - Shares Issued for cash: R3 152 292 Convertible Bonds: R11 700 000 Total capital raised: R39 852 292 4. Appreciation The Company would like to express its appreciation to both the shareholders and underwriters which ensured the successful conclusion of its capital raising. 31 October 2011 Designated Advisor Sasfin Capital (A division of Sasfin Bank Limited) Date: 31/10/2011 16:00:29 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.
