SABLE HOLDINGS LIMITED - Further Cautionary Announcement Relating to a potential Delisting of the Company's shares from the JSE

Release Date: 21/05/2013 14:50
Code(s): SBL
 
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Further Cautionary Announcement Relating to a potential Delisting of the Company's shares from the JSE

SABLE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/010636/06)
JSE code: SBL ISIN: ZAE000006383
(“Sable” or “the company”)


FURTHER CAUTIONARY ANNOUNCEMENT RELATING TO A POTENTIAL DELISTING OF THE COMPANY’S SHARES FROM THE JSE LIMITED

Shareholders are referred to the previous announcements released on SENS regarding the possible delisting
of the company’s shares from the JSE Limited.

Shareholders are advised that the company is preparing a circular relating to:

    -    an offer to be made by the company to all Sable shareholders to acquire all Sable shareholders’
         shares in the company in terms of section 48 of the Companies Act for an offer price of R28.00 per
         Sable share (“the offer”) which is to be effected by way of a scheme of arrangement in terms of
         section 114 of the Companies Act (the “scheme”); and
    -    the delisting of all Sable shares from the AltX board of the JSE (the “delisting”).

Shareholders are further advised that, based on an indicative offer price of R28.00 per share, the company
has received irrevocable undertakings from shareholders holding 90.3% of the voting shares and letters of
comfort from shareholders (whose internal policy does not allow them to give irrevocable undertakings)
holding in excess of 5.8% of the voting shares to vote in favour of the ordinary and special resolutions
required to implement the offer, the delisting and the scheme.

On the assumption that Isdale Holdings BV (“Isdale”) is not entitled to vote on the JSE delisting ordinary
resolution, the above irrevocable undertakings and letters of comfort represent an independent majority of
the votes exercisable by the holders of the remaining shares in issue. Isdale controls approximately 82.4% of
Sable’s issued share capital.

The circular, containing the full terms of the scheme and offer and incorporating a notice of general meeting,
is in the process of being approved by the various regulators and shall be posted to shareholders in due
course. Accordingly shareholders are advised to continue to exercise caution when dealing in their shares in
the company until a further announcement is made.

21 May 2013


Corporate advisor and designated advisor
Java Capital

Date: 21/05/2013 02:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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