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ECSPONENT LIMITED - Results of the Rights Offer and Notifications of a Change in Beneficial Shareholding

Release Date: 27/02/2017 17:46
Code(s): ECS     PDF:  
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Results of the Rights Offer and Notifications of a Change in Beneficial Shareholding

ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
("the Company" or "Ecsponent")


RESULTS OF THE RIGHTS OFFER AND NOTIFICATIONS OF A CHANGE IN BENEFICIAL
SHAREHOLDING


Shareholders are referred to the announcements released on SENS on 31 January 2017 and
2 February 2017 and the circular dated 7 February 2017 wherein the Company announced its
intention to raise up to R50 million through a partially underwritten renounceable rights offer (“the
Rights Offer”).

The Rights Offer closed at 12h00 on Friday, 24 February 2017, and the board of directors of
Ecsponent advise that the Company raised R20 363 760.50 in respect thereof.

The results of the Rights Offer are set out in the table below:

                                              Number of              Rand value           % of Rights
                                           Rights Offer                                  Offer Shares
                                                Shares

Total shares available for                 333 333 292            R50 000 000.00             100.0%
subscription in terms of the Rights
Offer (“Rights Offer Shares”)

                                           
Rights Offer Shares allocated to           135 758 403            R20 363 760.50               40.7%
Qualifying Shareholders and Mason
Alexander Proprietary Limited (“the
Underwriter”)


Following the issue of the Rights Offer Shares, Ecsponent will have 1 067 528 399 ordinary shares in
issue and application will be made to the JSE Limited to adjust the issued share capital.

NOTIFICATIONS IN TERMS OF SECTION 122(1) AND (3) OF THE COMPANIES ACT (NO 71 OF
2008) AS AMENDED (“THE ACT”)

Notice of the acquisition of a further beneficial interest in securities
In accordance with section 122(3)(b) of the Act, and paragraph 3.83(b) of the JSE Listings
Requirements, and having regard to the underwriting of the Rights Offer, Ecsponent shareholders are
hereby advised that the Underwriter has acquired a further beneficial interest in Ecsponent such that it
will now hold 42.91% of the issued ordinary share capital of the Company and that the Company has
received the relevant notification in regard thereto.

At a general meeting of shareholders held on 28 November 2016, shareholders waived the
requirement for the Underwriter to make a mandatory offer in terms of section 123 of the Act and the
Takeover Regulation Panel also granted a ruling confirming that the Underwriter, as a result of its
shareholding in Ecsponent exceeding 35%, is exempt from extending a mandatory offer to Ecsponent
shareholders.

Notice of the dilution of beneficial interests in securities
Notice of dilutions in beneficial interests in the Company’s securities as a result of the Rights Offer,
have been received from Ecsponent Capital (RF) Limited, whose interest reduced to 13.75%.

Issue and payment of Rights Offer Shares
CSDP or Broker accounts in respect of dematerialised shareholders who have followed their rights in
terms of the Rights Offer will be credited with their Rights Offer Shares and debited with any
payments due on Monday, 27 February 2017.

The new share certificates in respect of certificated shareholders who subscribed for Rights Offer
Shares will be posted to such shareholders at their risk on or about Monday, 27 February 2017.


Pretoria
27 February 2017

Sponsor and Corporate Advisor
Questco (Pty) Ltd

Date: 27/02/2017 05:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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