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ADCORP HOLDINGS LIMITED - Voluntary announcement of vendor placement

Release Date: 26/06/2014 16:50
Code(s): ADR     PDF:  
Wrap Text
Voluntary announcement of vendor placement

Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
("Adcorp" or "the company")
Share code: ADR & ISIN: ZAE000000139

VOLUNTARY ANNOUNCEMENT OF VENDOR PLACEMENT

As announced on the Stock Exchange News Service ("SENS") on Thursday, 3 April 2014, Adcorp
acquired approximately 30% of the issued ordinary shares of Kelly Group Limited (“Kelly”),
excluding the Kelly ordinary shares held by subsidiaries of Kelly (“Kelly Shares”) (“Initial
Acquisition”).

Adcorp held a general meeting of shareholders (“Shareholders”) on 18 June 2014 to obtain
Shareholder approval to place 8 750 000 authorised but unissued Adcorp ordinary shares (“Adcorp
Shares”) under the control of directors. The purpose of this authority is to fund the Initial
Acquisition and potentially any further acquisition of Kelly Shares, if necessary, by means of a
vendor placement of Adcorp Shares in terms of the Listings Requirements of the JSE Limited.

Adcorp is pleased to advise Shareholders that in respect of a book-build for 2 250 000 new Adcorp
Shares, Adcorp received indications of interest to participate, resulting in a 3.3 times over-
subscription.

The details of the book-build are as follows:

· Quantity: 2 250 000 Adcorp Shares;
· Price: R32.75 per Adcorp Share, being a 5% discount to the 30 VWAP ended 18 June 2014; and
· Purpose of capital raised: To fund the Initial Acquisition which was originally funded by way of a
bridge-loan.

The Adcorp Shares have been successfully placed with institutional investors and traded as a vendor
placement of new issued Adcorp Shares in terms of the authority granted to directors.

26 June 2014
Bryanston

Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd

Date: 26/06/2014 04:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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