AFROCENTRIC INVESTMENT CORP LIMITED - Redemption and delisting of redeemable preference shares

Release Date: 03/01/2014 11:35
Code(s): ACT ACTP
 
Wrap Text
Redemption and delisting of redeemable preference shares

AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT, ACTP
ISIN: ZAE000078416, ZAE000082269
(“AfroCentric” or “the Company”)

EXERCISE OF CALL OPTIONS AND REDEMPTION AND DELISTING OF 16
638 000 REDEEMABLE PREFERENCE SHARES OF R0.91 EACH IN THE
ISSUED CAPITAL OF THE COMPANY


1. INTRODUCTION
AfroCentric Preference Shareholders are referred to a circular
that was mailed to them on Monday, 28 October 2013 and to the
announcement released on SENS on Friday, 1 November 2013
regarding the exercise of Call Options and redemption and
delisting of all of the Preference Shares in issue.

The election period closed at 12h00 on Friday, 15 November
2013 for certificated Preference Shareholders and at 12h00 on
Tuesday, 31 December 2013 for dematerialised Preference
Shareholders.


2. RESULTS OF THE ELECTION
AfroCentric Preference Shareholders are advised that
Preference Shareholders holding 99.68% Preference Shares have
exercised their Call Options in respect of the Redeemable
Preference Shares held by them. AfroCentric will redeem the
Redeemable Preference Shares in respect of which the Call
Options have been exercised by issuing 69 981 412 New Ordinary
Shares in aggregate to such Preference Shareholders on Friday,
3 January 2014.

Preference Shareholders who exercised their Call Options in
part or did not elect to exercise their Call Options
timeously, are reminded that the rights of the Preference
Shareholder concerned automatically lapsed with effect from
close of trading on Tuesday, 31 December 2013. Such Preference
Shareholders will have their relevant Redeemable Preference
Shares redeemed on Monday, 6 January 2014 against payment of
the Redemption Price of R0.91 per Preference Share.


All of the Redeemable Preference Shares in issue will be
delisted from the JSE Limited at the close of trading on
Monday, 6 January 2014.


Johannesburg
3 January 2014

Sponsor
Sasfin Capital, a division of Sasfin Bank Limited

Legal advisor
HR Levin Attorneys, Notaries and Conveyancers

Auditors and Reporting Accountants
SizweNtsalubaGobodo Inc.

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