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NEW AFRICA INVESTMENT LIMITED - Results of the offer to the shareholders of New Africa Investments Limited

Release Date: 21/01/2013 17:50
Code(s): NAI NAN     PDF:  
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Results of the offer to the shareholders of New Africa Investments Limited

    New Africa Investments Limited                            Primedia (Proprietary) Limited
  (Incorporated in the Republic of South Africa)           (Incorporated in the Republic of South Africa)
      (Registration number 1993/002467/06)                     (Registration number 2005/044403/07)
             Share code: NAI and NAN                                 (“Primedia”) or (“Offeror”)
      ISIN: ZAE000033338 and ZAE000033346
             (“NAIL”) or (“Company”)


RESULTS OF THE OFFER TO THE SHAREHOLDERS OF NAIL AND UPDATE ON COMPULSORY
ACQUISITION IN TERMS OF SECTION 124 OF THE COMPANIES ACT, 2008 (ACT 71 OF 2008), AS
AMENDED (“COMPANIES ACT”)



1. INTRODUCTION

   NAIL ordinary shareholders and NAIL “N” Ordinary Shareholders (collectively, “NAIL Shareholders”)
   are referred to the announcement to NAIL shareholders released on SENS on 2 November 2012,
   pertaining to the offer made by Primedia to acquire all of the NAIL ordinary shares and all the NAIL
   “N” ordinary shares in issue (“NAIL Shares”), not already held by it (“Offer Shares”), (“Offer”). The
   attention of NAIL Shareholders is also brought to the circular dated 29 November 2012 which relates
   to the Offer.

   Further attention of NAIL Shareholders is brought to the announcement and accompanying circular
   both dated 7 December 2012, which relate to Primedia exercising its rights to compulsorily acquire
   the remaining Offer Shares in accordance with the terms of section 124 of the Companies Act 71 of
   2008 ("the Companies Act"), as at that date the Offer had been accepted by NAIL Shareholders
   holding at least 90% of the Offer Shares.

2. UPDATE ON THE COMPULSORY ACQUISTION AND DELISTING OF NAIL

   Primedia is pleased to announce that as at close of business on Friday, 18 January 2013, the closing
   date of the Offer, the Offeror had received acceptances from NAIL Shareholders in respect of
   925,857 NAIL Ordinary Shares and 4,877,128 NAIL “N” Ordinary Shares. As a result, Primedia now
   holds 98.42% of the NAIL Ordinary Shares in issue, and 99.80% of the NAIL “N” Ordinary Shares in
   issue.

   NAIL shareholders are advised that, as set out in the circular dated 7 December 2012, those NAIL
   shareholders who had not yet accepted the Offer by Primedia to acquire all of their NAIL Shares had
   until close of business on Friday, 18 January 2013 to make an application to the High Court of South
   Africa ("the Court"), in terms of Section 124(2) of the Companies Act. As at the close of business on
   18 January 2013, neither Primedia nor NAIL had been informed of any application to the High Court
   brought by any NAIL Shareholder in terms of Section 124(2) of the Companies Act.

   The compulsory acquisition of the remaining shares held by the NAIL Shareholders, will take place on
   Monday, 21 January 2013.

   The listing of NAIL’s shares on the JSE Limited will be terminated with effect from the
   commencement of trade on Wednesday, 30 January 2013.


  Johannesburg
  21 January 2013
Investment bank Primedia
Investec Bank Limited

Legal advisor to NAIL and Primedia NAIL
Edward Nathan Sonnebergs Incorporated

Sponsor to NAIL
Investec Bank Limited

Date: 21/01/2013 05:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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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,
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