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PPC LIMITED - Results of the Rights Offer

Release Date: 19/09/2016 17:30
Code(s): PPC     PDF:  
Wrap Text
Results of the Rights Offer

PPC LTD
(Incorporated in the Republic of South Africa)
(Registration number: 1892/000667/06)
JSE & ZSE Code: PPC
ISIN: ZAE000170049
(“PPC” or “the Company”)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA
AND JAPAN, OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF APPLICABLE LAW OR REGULATION


                                 RESULTS OF RIGHTS OFFER


Shareholders of PPC (“Shareholders”) are referred to the announcement released on the Stock
Exchange News Service of the JSE Limited on Wednesday, 24 August 2016 and published in
the South African press on Thursday, 25 August 2016 (“Finalisation Announcement”), setting
out the final terms of the fully underwritten renounceable rights offer of 1 billion new ordinary
PPC shares of no par value (“Rights Offer Shares”) at a subscription price of ZAR 4.00 per
Rights Offer Share as proposed by the Company (“Rights Offer”).


The Rights Offer closed at 12:00 (SAST) on Friday, 16 September 2016 and the board of
directors of PPC advise that the results of the Rights Offer are as follows:


-   Shareholders and their renouncees subscribed for 920,406,614 Rights Offer Shares,
    equivalent to 92.0% of the total number of Rights Offer Shares available for subscription;
    and
-   applications were received for 5,089,927,341 Rights Offer Shares, equivalent to 509.0% of
    the total Rights Offer Shares available for subscription, from holders of rights wishing to
    acquire Rights Offer Shares in addition to their rights entitlements (“Excess Applications”).


Shareholders are advised that the 79,593,386 Rights Offer Shares in respect of Excess
Applications will be allocated in an equitable manner as set out in the Rights Offer circular dated
Thursday, 1 September 2016 which sets out the full terms of the Rights Offer.
The Rights Offer was underwritten by The Standard Bank of South Africa Limited, Absa Bank
Limited, Nedbank Corporate and Investment Banking (a division of Nedbank Limited) and Rand
Merchant Bank (a division of FirstRand Bank Limited) (“the Underwriters”). As the Rights Offer
was fully subscribed, after taking into account the Excess Applications received, the
Underwriters will not be required to subscribe for any Rights Offer Shares in terms of the Rights
Offer.

Share certificates will be posted to holders of certificated PPC shares who have followed their
rights, or their renouncees, today.

The custody accounts of holders of dematerialised PPC shares, who have followed their rights,
or their renouncees, will be updated and their accounts at their Central Securities Depository
Participant (“CSDP”) or broker credited with the Rights Offer Shares and debited with any
payment due, today.


Share certificates will be posted to holders of certificated PPC shares, or their renouncees, who
have been allocated Rights Offer Shares in terms of Excess Applications on or about
Wednesday, 21 September 2016.


The custody account of holders of dematerialised PPC shares, or their renouncees, who have
been allocated Rights Offer Shares in terms of Excess Applications, will be updated and their
accounts at their CSDP or broker credited with the Rights Offer Shares and debited with any
payment due, on Wednesday, 21 September 2016.


Cheques refunding monies in respect of unsuccessful Excess Applications will be posted to the
relevant applicants, at their risk, on or about Wednesday, 21 September 2016. No interest will
be paid on monies received in respect of unsuccessful applications.


“The success of the Rights Offer enables us to settle a large portion of our existing debt, placing
us in a much stronger financial position. With liquidity concerns dealt with, we can focus all our
efforts on the delivery of our expansion projects and business plans. This is to counter the
impact of a continued low-growth environment locally and grow into a more robust, diversified
business able to drive sustainable returns for shareholders”, explained Darryll Castle, CEO of
PPC.
We appreciate the trust shown by our existing shareholders and the interest received from new
investors who participated in the Rights Offer.


On behalf of the Board, I would like to thank shareholders for their support in the successful
completion of the Rights Offer” concluded Castle.


Johannesburg
19 September 2016


Investor contacts:
PPC
Azola Lowan
Tel: +27 (0) 11 386 9000
Azola.Lowan@ppc.co.za


Sole Global Co-ordinator, Joint Bookrunner, Underwriter and Joint Transaction Sponsor
The Standard Bank of South Africa Limited


Joint Bookrunner, Underwriter and Joint Transaction Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited


Joint Bookrunners and Underwriters
ABSA Bank Limited
Rand Merchant Bank, a division of FirstRand Bank Limited


Legal Advisor to PPC as to South African Law
Bowman Gilfillan Inc.


Legal Advisor to PPC as to US and English Law
Freshfields Bruckhaus Deringer LLP


Legal Advisor to the Joint Bookrunners as to South African Law
Webber Wentzel
Legal Advisor to the Joint Bookrunners as to US and English Law
Linklaters LLP


Financial Advisor and Company Sponsor
Merrill Lynch South Africa (Pty) Limited


Sponsoring Brokers in Zimbabwe
Imara Edwards Securities


Independent Auditors to PPC
Deloitte & Touche

Financial Communications Advisor:
Instinctif Partners




NOTICE TO RECIPIENTS

This announcement is not for distribution, directly or indirectly, in or into the United States
(including its territories and dependencies, any State of the United States and the District of
Columbia), Australia, Canada and Japan.


This announcement does not constitute an offer of, or an invitation to purchase, any securities
of the Company in any jurisdiction. This announcement does not constitute or form a part of any
offer or solicitation to purchase or subscribe for securities in the United States. The securities
mentioned herein (the “Securities”) have not been, and will not be, registered under the United
States Securities Act of 1933 (the “Securities Act”). The Securities may not be offered or sold in
the United States absent registration or an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. There will be no public offer of the
Securities in the United States, Australia, Canada and Japan.

Date: 19/09/2016 05:30:00 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.

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