AFROCENTRIC INVESTMENT CORP LIMITED - Dealings by directors - redemption of preference shares

Release Date: 03/01/2014 11:51
Code(s): ACT ACTP
 
Wrap Text
Dealings by directors - redemption of 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”)

DIRECTORS DEALING ANNOUNCEMENT IN RESPECT OF THE EXERCISE OF
CALL OPTIONS AND REDEMPTION AND DELISTING OF THE REDEEMABLE
PREFERENCE SHARES IN THE ISSUED CAPITAL OF THE COMPANY


AfroCentric Preference Shareholders are referred to a circular
that was mailed to them on Monday, 28 October 2013 regarding
the exercise of Call Options and redemption and delisting of
all of the Preference Shares in issue as well as to the
directors dealing announcement published on SENS on 15
November 2013 and the results of election announcement
published on SENS earlier today.

In compliance with paragraphs 3.63 to 3.74 of the Listings
Requirements of the JSE the following information is
disclosed:


Name of Director        :     B Joffe
Company                 :     AfroCentric
Date of transaction     :     31 December 2013
Nature of transaction   :     Off market exercise of call
                              options for new ordinary shares
                              in AfroCentric pursuant to the
                              redemption provisions attaching
                              to each of the redeemable
                              preference shares
Class of security       :     Redeemable preference shares /
                              Ordinary Shares
Number of securities    :     2 548 182 redeemable preference
                              shares for 10 751 868 ordinary
                              shares
Trade price             :     R 4.20
Value of transaction    :     R 45,157,845.60
Nature of interest      :     Indirect non-beneficial
Clearance obtained      :     Yes


Further to the directors dealing announcement on 15 November
2013, the information that was not known at the time of the
announcement is hereby announced:

Name of Director        :     JM Kahn
Number of securities    :     3 784 981 redeemable preference
                              shares for 15 970 452 ordinary
                              shares
Trade price             :     R 4.20
Value of transaction    :     R 67,075,898.40
Nature of interest      :     Direct beneficial
Clearance obtained      :     Yes


Name of Director        :     MI Sacks
Number of securities    :     3 787 981 redeemable preference
                              shares for 15 983 225 ordinary
                              shares
Trade price             :     R 4.20
Value of transaction    :     R 67,129,545.00
Nature of interest      :     Direct beneficial
Clearance obtained      :     Yes


Johannesburg
3 January 2014

Sponsor
Sasfin Capital, a division of Sasfin Bank Limited

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