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Stellar / Torre - Results of Stellar Capital mandatory offer to Torre shareholders
Stellar Capital Partners Torre Industries Limited
Limited (Incorporated in the Republic
(Incorporated in the Republic of South Africa)
of South Africa) (Registration number
(Registration number 2012/144604/06)
1998/015580/06) Share Code: TOR
Share code: SCP ISIN: ZAE000188629
ISIN: ZAE000198586 (“Torre”)
("Stellar Capital")
RESULTS OF STELLAR CAPITAL MANDATORY OFFER TO TORRE SHAREHOLDERS
INTRODUCTION AND BACKGROUND
Shareholders are referred, inter alia, to the combined offer
circular posted to Torre shareholders on 27 July 2016 detailing
the mandatory offer by Stellar Capital to acquire all the Torre
shares not already held by Stellar Capital for a mandatory offer
consideration of 1.25 new Stellar Capital shares in exchange for
each Torre share held on the record date, being Friday, 14 October
2016 (“Offer”).
Shareholders were further advised, in the announcement released on
the Stock Exchange News Service on 30 September 2016, that the
Offer had become unconditional.
Accordingly, the Offer closed at 12h00 on the record date for the
Offer, being Friday, 14 October 2016.
RESULTS OF THE OFFER
Shareholders are hereby advised that in terms of the Offer,
Stellar Capital received acceptances from Torre shareholders
holding 104,747,235 Torre shares, constituting approximately
19.95% of the issued ordinary shares of Torre.
Prior to the Offer, Stellar Capital held 35.43% of the issued
ordinary share capital of Torre. Subsequent to the Offer, Stellar
Capital now holds 55.38% of the issued ordinary share capital of
Torre.
Shareholders who have accepted the Offer, but have not yet
received the Offer consideration, should note that certificated
shareholders who have validly accepted the Offer will have the
Offer consideration posted to them (at their own risk) within six
business days after their acceptance of the Offer. Dematerialised
shareholders will have their CSDP/broker accounts credited with
the Offer consideration within 6 business days of receipt by the
transfer secretaries of the acceptance of the Offer by the
dematerialized shareholder, CSDP or broker.
Cape Town and Johannesburg
17 October 2016
Financial adviser and sponsor to Stellar Capital
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Sponsor to Torre
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 17/10/2016 10:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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