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TRADEHOLD LIMITED - Results: Extraordinary general meeting re firm intention from Tradehold API to acquire a minimum of 51% of REIZ

Release Date: 20/04/2016 13:44
Code(s): TDH     PDF:  
Wrap Text
Results: Extraordinary general meeting re firm intention from Tradehold API  to acquire a minimum of 51% of REIZ

TRADEHOLD LIMITED
(Registration number: 1970/009054/06)
Incorporated in the Republic of South Africa
JSE Share code: TDH    ISIN: ZAE000152658
("Tradehold" or “the Company”)

RESULTS OF EXTRAORDINARY GENERAL MEETING IN RESPECT OF THE OFFER FROM
TRADEHOLD API LIMITED TO ACQUIRE A MINIMUM OF 51% OF REAL ESTATE INVESTMENTS
ZAMBIA

Further to the announcements released on 7 December 2015 and 17 February
2016 respectively, in respect of the firm offer by Tradehold Africa Limited
(“Tradehold Africa”), a wholly owned subsidiary of the Company, acting
jointly with African Property Investments Limited (“APIL”), a Category One
Global Business Company incorporated in the Republic of Mauritius, through
an investment holding company, Tradehold API Limited, owned in equal
proportions by Tradehold Africa and APIL, to purchase and/ or subscribe for
a minimum of 51% of Real Estate Investments Zambia Plc (“REIZ”), a public
company listed on the Lusaka Stock Exchange, on a fully diluted basis (the
“Offer”), shareholders are informed that the resolution to authorise the
Board of REIZ to issue as many ordinary shares of REIZ to Tradehold API
Limited required to ensure that Tradehold API Limited’s resultant
shareholding is a minimum of 51% of REIZ, after taking into consideration
the ordinary shares of REIZ acquired by Tradehold API Limited in terms of
the Offer, was not approved by shareholders.

Due to the low probability of shareholders of REIZ holding at least 51% of
the shares in the company accepting the Offeror’s offer to purchase shares
in REIZ, the Offeror has exercised its option to withdraw the Offer. Further
details are set out in the quoted announcement below.

QUOTE

At the Extraordinary General Meeting (“EGM”) of Real Estate Investments
Zambia PLC (REIZ), held on Thursday 14th April 2016, at Southern Sun Ridgeway
Hotel, Lusaka Shareholders considered the proposed offer by Tradehold API
Limited to acquire a minimum of 51% interest in REIZ.

The resolution to authorise the Board of REIZ to issue as many ordinary
shares of REIZ to Tradehold API Limited required to ensure that Tradehold
API Limited’s resultant shareholding is a minimum of 51% of REIZ, after
taking into consideration the ordinary shares of REIZ acquired by Tradehold
API Limited in terms of the Offer made to Shareholders was not approved
following a poll vote of 7% for the motion and 93% against the motion.

UNQUOTE

Cape Town
20 April 2016

Sponsor
Bravura Capital Proprietary Limited

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