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Cash payment in respect of fractional entitlement
ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: ENX ISIN: ZAE000222253
(“enX” or “the company”)
CASH PAYMENT IN RESPECT OF FRACTIONAL ENTITLEMENT
Shareholders are referred to the announcements released on SENS on 24 August 2016, 22 September 2016 and
11 October 2016 in respect of, inter alia:
- the consolidation of enX’s shares in the ratio of 11 to 1 (the “consolidation”); and
- an increase in the number of enX authorised shares (the “authorised share increase”).
In implementing the consolidation, enX is required by the JSE to apply the rounding principle that a shareholder
becoming entitled to a fraction of a share arising from the consolidation (“fractional entitlement”) will be rounded
down to the nearest whole number, resulting in the allocation of whole new enX shares and a cash payment for the
fraction (the “cash payment”). The value of such cash payment will be the volume weighted average traded price per
enX share less 10% on the first day of trade after the last day to trade in order to participate in the consolidation,
which will be announced on SENS on the second day of trade after the last day to trade in order to participate in the
consolidation.
Shareholders are advised that the value of an enX share to be utilised in determining the cash payment due to a
shareholder in respect of any fractional entitlement is R17.829. In accordance with the requirements of the JSE
Limited, this amount has been determined with reference to the weighted average price of an enX share traded on the
JSE on Wednesday, 19 October 2016, discounted by 10%.
The gross amount of the cash payment per fractional entitlement will be paid to enX shareholders entitled thereto.
There will be no withholding tax applicable.
To the extent that a shareholder held enX shares as an asset as defined in paragraph 1 of the Eighth Schedule to the
Income Tax Act no. 58 of 1962 (“Income Tax Act”), which does not constitute trading stock, the cash payment will
be regarded as capital in nature. The cash payment will accordingly be taxed in terms of the applicable provisions of
the Eighth Schedule to the Income Tax Act read with section 26A of the Income Tax Act, that is, subject to capital
gains tax. To the extent that a shareholder held the shares as trading stock as defined in section 1 of the Income Tax
Act, the cash payment will be regarded as revenue in nature. The cash payment will accordingly be taxed as normal
income in terms of the applicable provisions of the Income Tax Act.
By way of example:
Assuming that a shareholder holds 100 enX shares at the close of business on the record date for implementation of
the consolidation, being Friday, 21 October 2016, such shares will be consolidated to 9.09091 ordinary shares in terms
of the consolidation. However, applying the rounding principle detailed above, the shareholder will, following the
implementation of the consolidation, hold 9 ordinary shares and receive a cash payment in respect of the fractional
entitlement of R1.62083, being R17.829 x 0.09091.
The salient dates and times announced on Tuesday, 11 October 2016 remain unchanged.
20 October 2016
Corporate advisor and sponsor Legal and tax advisor to enX
Java Capital enS Africa
Date: 20/10/2016 01:35:00 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.
