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ESR - Esorfranki Limited - Finalisation information relating to the rights offer

Release Date: 28/01/2011 12:40:21      Code(s): ESR
ESR - Esorfranki Limited - Finalisation information relating to the rights offer
ESORFRANKI LIMITED                                                              
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1994/000732/06)                                           
JSE code: ESR                                                                   
ISIN: ZAE000133369                                                              
JSE code for LAs: ESRN                                                          
ISIN for LAs: ZAE000153318                                                      
("Esorfranki" or "the company")                                                 
Shareholders are referred to the announcement, dated 9 December 2010, and are   
advised that the relevant rights offer documentation has now been registered by 
CIPRO and that Esorfranki will accordingly proceed with a fully underwritten    
renounceable rights offer of 93 023 256 new ordinary shares ("rights shares") to
its ordinary shareholders at a subscription price of R2.15 per rights share in  
the ratio of 30.786 rights shares for every 100 ordinary shares held on Friday, 
11 February 2011 ("rights offer") in order to raise R200 million. The rights    
shares, once issued, will rank pari passu in all respects with the existing     
issued Esorfranki shares.                                                       
Salient dates and times                                                         
The salient dates and times pertaining to the rights offer are as follows:      
Last day to trade in Esorfranki shares in                                     
  order to qualify to participate in the        Friday, 4 February              
  rights offer (cum entitlement)                                                
Listing of letters of allocation on the JSE                                   
  under the JSE code ESRN and ISIN ZAE          Monday, 7 February              
  000153318 at commencement of trading on                                       
Esorfranki shares commence trading ex-rights                                  
  on the JSE at commencement of trading on      Monday, 7 February              
  Record date for participation in the rights   Friday, 11 February             
offer at the close of trade on                                                
  Rights offer circular and form of             Monday, 14 February             
  instruction posted to shareholders, where                                     
  Rights offer opens at commencement of         Monday, 14 February             
  trading on                                                                    

  Dematerialised shareholders` accounts at                                      
  their CSDP or broker automatically credited   Monday, 14 February             
  with their entitlement                                                        

  Certificated shareholders` entitlements will                                  
  be credited to an account held with the       Monday, 14 February             
  transfer secretaries                                                          

  Last day to trade in letters of allocation    Friday, 25 February             
  on the JSE on                                                                 
Listing of Esorfranki rights offer shares at  Monday, 28 February             
  commencement of trading on                                                    
  Rights offer closes - payments to be made                                     
and form of instruction in respect of         Friday, 4 March                 
  letters of allocation lodged by certificated                                  
  shareholders by 12:00 on (see notes 1 and 5                                   
  for dematerialised shareholders)                                              

  Record date for letters of allocation         Friday, 4 March                 
  Dematerialised shareholders` accounts                                         
updated with rights shares to the extent                                      
  accepted and debited with the relevant costs                                  
  by their CSDP or broker and new Esorfranki                                    
  share certificates posted to certificated                                     
shareholders (see note 5)                     Monday, 7 March                 
  Results of rights offer announcement                                          
  released on SENS on or about                  Monday, 7 March                 

  Results of rights offer announcement                                          
  published in the press on or about            Tuesday, 8 March                
Share certificates posted to certificated                                     
  shareholders on or about                      Wednesday, 9 March              
Dematerialised shareholders are required to notify their duly appointed CSDP or 
broker of their acceptance or otherwise of the rights offer in the manner and   
time stipulated in the agreement governing the relationship between such        
shareholder and their CSDP or broker.                                           
All times indicated are South African times unless otherwise stated.            
Share certificates may not be dematerialised or rematerialised between Monday, 7
February 2011 and Friday, 11 February 2011, both days inclusive.                
The CSDP / broker accounts of dematerialised shareholders will be automatically 
credited with Esorfranki rights offer shares to the extent to which they have   
accepted the rights offer.  Esorfranki share certificates will be posted, by    
registered post at the shareholders` risk, to certificated shareholders in      
respect of the rights offer shares which have been accepted.                    
CSDPs or brokers effect payment in respect of dematerialised shareholders on a  
delivery versus payment method.                                                 
Letters of Allocation                                                           
The rights to new Esorfranki shares are negotiable and can be dealt in on the   
JSE.  Esorfranki has issued all rights to new Esorfranki shares in              
dematerialised form. The electronic record for certificated shareholders is     
being maintained by Computershare Investor Services (Pty) Limited, making it    
possible for certificated shareholders to enjoy the same rights and             
opportunities as those shareholders holding dematerialised Esorfranki shares.   
Excess applications                                                             
Esorfranki shareholders will not be permitted to apply for rights shares in     
excess of their entitlement.                                                    
Foreign shareholders                                                            
Foreign shareholders may be affected by the rights offer, having regard to      
prevailing laws in their respective jurisdictions.  Such foreign shareholders   
should inform themselves about and observe any applicable legal requirements of 
such jurisdiction in relation to the rights offer.  Shareholders in such        
jurisdictions are responsible for providing any evidence required that they are 
permitted to take up their rights.  If such evidence is not provided, then the  
entitlement to rights shares will be deemed to have been declined.              
A circular setting out the detailed terms of the rights offer will be posted to 
shareholders on Monday, 14 February 2011.                                       
28 January 2011                                                                 
Corporate Adviser and Sponsor                                                   
Vunani Corporate Finance                                                        
Independent reporting accountants                                               
KPMG Inc                                                                        
Legal Adviser                                                                   
Thomson Wilks Inc                                                               
Date: 28/01/2011 12:40:21 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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information disseminated through SENS.                                          

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