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ASCENSION PROPERTIES LIMITED - Submission of a resolution to Ascension A shareholders in terms of section 60 of the Companies Act, 71 of 2008

Release Date: 21/11/2016 16:56
Code(s): AIA     PDF:  
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Submission of a resolution to Ascension A shareholders in terms of section 60 of the Companies Act, 71 of 2008

ASCENSION PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/026141/06)
JSE share code: AIA  ISIN: ZAE000204566
(Approved as a REIT by the JSE)
(“Ascension” or “the company”)


SUBMISSION OF A RESOLUTION TO ASCENSION A SHAREHOLDERS IN TERMS OF SECTION 60 OF THE COMPANIES ACT, 71 OF 2008


Ascension intends undertaking a private placement to issue and list Ascension A ordinary shares in terms of the
general authority to issue shares for cash approved at the annual general meeting of Ascension shareholders held on
9 December 2015 (the “proposed placement”). However, as Rebosis Property Fund Limited has given notice of its
firm intention to acquire all of the Ascension A ordinary shares it does not already own by scheme of arrangement,
section 126(1) of the Companies Act, 71 of 2008 (the “Companies Act”) requires that Ascension A shareholders
approve the issuance of A ordinary shares in terms of the proposed placement.

Accordingly, Ascension A shareholders are advised that the directors of the company have resolved to submit to A
shareholders for consideration an ordinary resolution authorising the company to issue A ordinary shares pursuant to
the proposed placement.

In terms of section 60(1) of the Companies Act, a resolution that could be voted on at a shareholders’ meeting may
instead be submitted for consideration to the shareholders entitled to exercise voting rights in relation to the resolution,
and be voted on in writing by shareholders entitled to exercise voting rights in relation to the resolution, within 20
(twenty) business days after the resolution was submitted to them.

Section 60(2) of the Companies Act provides that a resolution contemplated in section 60(1) of the Act will have been
adopted if it is supported by persons entitled to exercise sufficient voting rights for the resolution to have been adopted
at a properly constituted shareholders’ meeting, and if adopted, such resolution will have the same effect as if it had
been approved by voting at a shareholders’ meeting.

A letter, together with the proposed A ordinary resolution and a form of written consent, will be distributed to
Ascension A ordinary shareholders Tuesday, 22 November 2016. A copy of the letter, proposed ordinary resolution
and form of written consent will be available on Ascension’s website www.ascensionproperties.co.za from Tuesday,
22 November 2016.

The record date for determining which shareholders are entitled to vote on the proposed ordinary resolution in terms
of the written consent is Friday, 11 November 2016.


21 November 2016


Corporate advisor and sponsor
Java Capital

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