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AFRICAN BANK LIMITED - ABL18-Results of Noteholder Meeting

Release Date: 29/02/2016 14:34
Code(s): ABL13     PDF:  
Wrap Text
AFRICAN BANK LIMITED
(under Curatorship)
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
(the "Bank')



RESULTS OF A MEETING OF THE HOLDERS OF THE SERIES OF ZAR 510 000 000 SENIOR UNSECURED NOTES DUE 25 SEPTEMBER 2015 (STOCK CODE ABL18 AND ISIN
ZAG000109307) (THE 'NOTES') ISSUED BY THE BANK UNDER THE BANK'S
ZAR25 000 000 000 DOMESTIC MEDIUM TERM NOTE PROGRAMME
The Bank announces today the results of the meeting convened for holders (the 'Noteholders') of the Notes to vote in respect of the Extraordinary Resolution to sanction the Series Exchange Offer (including to consent to certain releases and waivers) as set out in the Senior DMTN Consent and Exchange Offer Document dated 4 February 2016 (the 'Exchange Offer Document') and the Notice of Meeting (as defined below).
The results of the vote at the meeting of the Noteholders convened by the notice dated 4 February 2016 (the 'Notice of Meeting') and held at the offices of Webber Wentzel, 90 Rivonia Road, Sandton 2196 on 29 February 2016 at 14h00 (Johannesburg time), to sanction the Extraordinary Resolution set out in such Notice of Meeting are as follows:
Stock Code ISIN For Against Abstain ABL18 ZAG000109307 100% 0% 0%
The required majority to pass the Extraordinary Resolution, and thus sanction the Series Exchange Offer, is 66.67 per cent. of the votes cast at the meeting. The Extraordinary Resolution was passed, and accordingly the Series Exchange Offer was sanctioned in respect of the Notes.
Accordingly, the Bank may and is authorised , on the relevant Settlement Date and without the consent or approval of the Noteholders, to effect the Series Exchange Offer in respect of all (but not some only) of the Notes.
An announcement of the results of the One-on-One Exchange Offers and whether the Bank intends (subject to the Settlement Condition) to accept Existing Senior Notes for exchange through either the One-on-One Exchange Offers or exercise of the Series Exchange Offers, as applicable, is expected to be made on 2 March 2016 (all as respectively defined in the Exchange Offer Document). On behalf of the Curator of African Bank Limited Midrand 29 February 2016 Debt Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Mr 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 T Winterboer acts in the aforesaid capacity.
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