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Notice of publication date of Offer Information Memorandum and Exchange Offer for the African Bank restructuring
AFRICAN BANK LIMITED
(in Curatorship)
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(“African Bank” or “the Bank”)
Notice of publication date of Offer Information Memorandum and related Exchange Offer
documents for the African Bank restructuring
The Curator is pleased to announce that he intends to release the Offer Information Memorandum
and related Exchange Offer documents on Thursday, 4 February 2016, subject to remaining
regulatory approvals.
Having considered all comments submitted pursuant to the release of the Information
Memorandum on 9 September 2015 and the Supplementary Memorandum on 8 December 2015,
the Curator considers that the Proposed Transaction, as detailed in those documents, remains the
most appropriate resolution for all parties.
The release of the Offer Information Memorandum and related Exchange Offer documents will
represent a significant milestone for the African Bank restructuring.
Anticipated timetable for the Proposed Transaction
This notice confirms that the Proposed Transaction is targeted to be completed on 4 April 2016,
subject to obtaining the creditor approvals, ministerial consent and the fulfillment of other
conditions precedent.
The announcement on 4 February 2016 will cover the Offer Information Memorandum and the
related Exchange Offer documents, including details of the exchange offer process and the creditor
vote process.
On behalf of the Curator of African Bank.
Midrand
29 January 2016
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
T Winterboer was appointed as Curator of African Bank Limited on 10 August 2014 by the Minister
of Finance of the Republic of South Africa and pursuant to the Banks Act No. 94 of 1990 (as
amended) to manage the affairs of African Bank Limited subject to the supervision of the Registrar of
Banks. Please note that Mr Winterboer acts in the aforesaid capacity.
Notes
Stakeholders are referred to the statement regarding the Curatorship of African Bank ("the
Curatorship") made by the then Governor of the South African Reserve Bank ("SARB"),
Ms. Gill Marcus, on 10 August 2014 ("the SARB statement").
The SARB statement confirmed that Mr. Tom Winterboer was appointed as Curator of
African Bank ("the Curator") in terms of the Banks Act No. 94 of 1990 (as amended) on 10
August 2014. At the same time the SARB statement set out a proposal for the restructuring
of African Bank, which entailed the creation of a new "Good Bank" ("the Good Bank
Restructuring Proposal").
Further detail about the Good Bank Restructuring Proposal has been communicated to
stakeholders in the SENS announcement released by African Bank on 9 September 2015
(“Publication of Information Memorandum for the Good Bank Restructuring Proposal and
Acquisition of The Standard and General Insurance Company Limited (“Stangen”.)
Information contained in SENS announcements related to the Good Bank Restructuring
Proposal between 10 August 2014 and 9 September 2015 was superseded by the contents
of the Information Memorandum.
Stakeholders are also referred to SENS announcements released by African Bank on 1
October 2015 (“Quarterly update in terms of Section 1.10(c) of the JSE Listings
Requirements”), 9 October 2015 (“Extension of comment period on Information
Memorandum”), 16 October 2015 (“Termination of proposed acquisition of Stangen and
Supplement to Information Memorandum”), 23 October 2015 (“Timetable to publish the
Supplement to the Information Memorandum and revision of the timeline to launch Good
Bank”), 8 December 2015 (“African Bank Limited Curatorship update: Release of a
Supplementary Memorandum and of the audited annual financial statements for the year
ended 30 September 2015”), 31 December 2015 (“Quarterly update in terms of Section
1.10(c) of the JSE Listings Requirements), and 18 January 2016.(“Appointment of Guardrisk
Life Limited to underwrite insurance products for African Bank and Good Bank”).
Date: 29/01/2016 12:30:00 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.
