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Revised Offer to Infrasors Holdings Limited Minority Shareholders
Afrimat Limited
Incorporated in the Republic of South Africa
(Registration number: 2006/022534/06)
Share code: AFT ISIN: ZAE000086302
(“Afrimat” or “the Company”)
REVISED OFFER TO INFRASORS HOLDINGS LIMITED MINORITY SHAREHOLDERS
1. REVISED OFFER (“Revised Offer”)
Shareholders are referred to the announcement released on SENS on 5 March 2013 (“Initial Offer”) and
the unconditional mandatory offer circular posted on 22 April 2013 which stated that the unconditional
mandatory offer to Infrasors Holdings Limited (“Infrasors”) minority shareholders was expected to close at
12:00 on Friday 7 June 2013. Afrimat has decided (with the prior approval of the Takeover Regulation
Panel) to extend the Initial Offer’s closing date with the Revised Offer’s closing date being 12:00 on
Friday, 5 July 2013.
Afrimat has also decided to increase the offer consideration for the Infrasors shares from 35 cents per
share to 65 cents per share, which is at a premium to the current JSE price of the Infrasors shares, in
order to encourage minority shareholders to accept the Revised Offer. The reason for this approach is to
simplify the incorporation of Infrasors into the Afrimat stable.
Infrasors shareholders who accepted the Initial Offer, prior to the increase in the offer consideration will
be paid the increased offer consideration reflected in this Revised Offer. Infrasors shareholders who have
accepted the Initial Offer should note the amended salient dates for payment of the offer consideration
detailed in paragraph 5 below.
2. FUNDING OF THE REVISED OFFER CONSIDERATION
Afrimat has confirmed to Infrasors that sufficient cash resources are available for the payment of the offer
consideration in terms of the Initial Offer and the Revised Offer, and, as required in terms of the
Companies Act and the Companies Regulations, 2011, The Standard Bank South Africa Limited has
provided the necessary guarantees to the TRP to satisfy the full offer consideration payable in terms of
the Initial Offer and the Revised Offer.
3. INFRASORS INDEPENDENT BOARD
The Infrasors Independent Board will consider the terms of the Revised Offer consideration within the
required period and will in due course announce to shareholders its views thereon together with other
relevant information.
4. RESPONSIBILITY STATEMENT
Afrimat accepts responsibility for the information contained in this announcement, and to the best of their
respective knowledge and belief, the information is true and, where appropriate, this announcement does
not omit anything likely to affect the importance of the information included.
5. SALIENT DATES AND TIMES
The salient dates and times of the Revised Offer are set out below:
Last day to trade in Infrasors shares in order to participate
in the unconditional mandatory Revised Offer Friday, 28 June 2013
Shares trade “ex” the unconditional mandatory Revised Offer Monday, 1 July 2013
Unconditional Mandatory Revised Offer closes at 12:00 on Friday, 5 July 2013
Record Date to determine which shareholders may accept the
unconditional mandatory Revised Offer Friday, 5 July 2013
Results of unconditional mandatory Revised Offer to be released on SENS Monday, 8 July 2013
Final (see note 3) Revised Offer consideration credited to the Revised Offer participant’s
accounts at his CSDP or stockbroker (as the case may be) in cases where
the shares surrendered in terms hereof are held by such CSDP or stockbroker
as nominee for the Revised Offer participant on Monday, 8 July 2013
Final (see note 3) cheques posted to or credited to the bank accounts of the
Revised Offer participants (Who hold their shares in their own names) at the Revised Offer
participant’s own risk, in settlement of the Revised Offer consideration
(subject to receipt by the transfer secretaries of the relevant share certificates) on
or about Monday, 8 July 2013
Results of the unconditional mandatory Revised Offer to be published in the
press on Tuesday, 9 July 2013
Certificated Shareholders who accept the Revised Offer will have the Revised Offer consideration posted
to them or transferred to them by way of EFT within six business days of the date on which such
shareholders deliver forms of acceptance and documents of title to the transfer secretaries with final
payment being made on the first business day after the closing of the Revised Offer.
Dematerialised Shareholders who accept the Revised Offer will have their accounts at their CSDP or
broker updated within six business days of the date on which the CSDPs or brokers of such Infrasors
shareholders notify the Transfer Secretaries of their acceptance of the Revised Offer with final payment
being made on the first business day after the closing of the Revised Offer.
Amended salient dates and times of the Initial Offer are set out below:
Those Certificated shareholders who have accepted the Initial Offer will note that payment of the revised
offer consideration will be made on or about 12 June 2013 and not on final payment date as per the
previous timetable.
Those Dematerialised shareholders who have accepted the Initial Offer will note that payment of the
revised consideration will be made on or about 12 June 2013 and not on final payment date as per the
previous timetable.
Cape Town
6 June 2013
Sponsor and Corporate Advisor to Afrimat: Bridge
Capital Advisors (Pty) Limited
Notes:
1. The above dates and times are subject to amendment by Afrimat. Any such amendment will be
released on SENS and published in the press.
2. All times indicated above are South African times.
3. The Revised Offer consideration will be credited or posted to shareholders within six business days
of receipt of the acceptance of the Revised Offer by the transfer secretaries.
4. Share certificates may not be dematerialised or rematerialised between, Monday, 1 July 2013 and
Friday, 5 July 2013, both days inclusive.
Date: 06/06/2013 05:07:00 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.
