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RAR - Rare Holdings Limited - Change to the proposed Claw-back offer and

Release Date: 25/06/2012 17:39
Code(s): RAR
Wrap Text

RAR - Rare Holdings Limited - Change to the proposed Claw-back offer and cancellation of General Meeting RARE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration Number: 2002/025247/06 Share Code: RAR ISIN: ZAE000092714 ("the Company" or "Rare") CHANGE TO THE PROPOSED CLAW-BACK OFFER AND CANCELLATION OF GENERAL MEETING 1 CHANGE TO THE CLAW-BACK OFFER Shareholders are referred to the announcement dated 31 May 2012 whereby it was announced that the Company will pursue a capital raising by way of a proposed Claw-Back Offer ("the Claw-Back Offer") in order to re-capitalise the Company. Subsequent to the aforementioned announcement, shareholders are hereby advised that the Company has since decided and the underwriter agreed to increase the capital to be raised by way of the Claw-Back Offer to R 100 million, ceteris paribus to sufficiently re-capitalise the business ("the Amended Terms"). 2 CANCELLATION OF GENERAL MEETING A circular dated 1 June 2012 was sent to shareholders which circular included a notice of a special general meeting to be held on 29 June 2012 for purposes of passing the requisite ordinary and special resolutions ("the Claw-Back Resolutions") needed to proceed with the Claw-Back Offer ("the First Circular"). Due to the Amended terms, a supplementary circular will be sent to shareholders which circular will include a new notice of general meeting for purposes of approving the Claw-Back Resolutions ("the Supplementary Circular"). Accordingly, shareholders are hereby advised that the general meeting as per the First Circular which was scheduled to be held on the 29 June 2012 is cancelled. 3 FURTHER CORRESPONDENCE Shareholders are advised that further correspondence with regard to the Supplementary Circular will be sent to shareholders in due course. A further circular ("the Claw-Back Circular") incorporating the full details of the Claw-Back Offer will be distributed to shareholders after the General Meeting is held. 4 CAUTIONARY ANNOUNCEMENT Shareholders are accordingly advised to exercise caution when dealing in the securities of the Company until a further detailed announcement made. Johannesburg 25 June 2012 Corporate and Designated Adviser: PSG Capital Proprietary Limited Date: 25/06/2012 17:39:01 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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