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CONTROL INSTRUMENTS GROUP LIMITED - Joint announcement: Results of Control Instruments general meeting

Release Date: 07/04/2014 14:28
Code(s): CNL TOR     PDF:  
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Joint announcement: Results of Control Instruments general meeting

(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
Share Code: CNL
ISIN: ZAE000001665
(“Control Instruments”)

Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share Code: TOR
ISIN: ZAE000169322


Shareholders are referred to the joint announcement released on
SENS on 6 March 2014 by Control Instruments and Torre, as well as
the circular to Control Instruments shareholders dated 6 March
2014 regarding the firm intention by Torre to make an offer to
acquire up to 100% of the total issued shares in Control
Instruments not already owned by Torre, being 91 761 265 shares
(the “Offer Shares”), by way of:

-   a scheme of arrangement in terms of section 114(1)(c) of the
    Companies Act, No. 71 of 2008, as amended (the “Companies
    Act”), to be proposed by the board of directors of Control
    Instruments between Control Instruments and its shareholders
    (the   “Shareholders”)   other  than   Torre  (the  "Control
    Instruments Shareholders") (the "Scheme"); or

-   if the Scheme is not proposed or fails, an offer by and at
    the election of Torre to the Control Instruments Shareholders
    to acquire the Offer Shares (the “General Offer”).

Shareholders are hereby advised that, at the general meeting of
Control Instruments shareholders held today, 7 April 2014, the
special resolution to approve the Scheme and the ordinary
resolution in connection with the Scheme were passed by the
requisite majority of Shareholders.    Accordingly, the General
Offer will not be made by Torre.

Shareholders are further advised that no Control Instruments
Shareholders voted against the special resolution to approve the
Scheme, and, accordingly, the provisions of section 115(3) of the
Companies Act are not applicable to the Scheme.
The implementation of the Scheme remains subject to the
fulfilment or, if appropriate, waiver (in whole or in part) of
the following suspensive conditions by no later than 30 April
2014 or such later date/s as may be agreed to between Torre and
Control Instruments:

-   the receipt of approval from the South African Competition

-   the receipt of unconditional approval from the Takeover
    Regulation Panel in terms of a compliance certificate to be
    issued in terms of the Companies Act in relation to the
    Scheme; and

-   the counterparties to all material contracts (as agreed
    between Torre and Control Instruments) consenting to the
    change of control as a result of the implementation of

Once all the conditions precedent to the Scheme have been
fulfilled or waived (in whole or in part), as the case may be, a
further announcement regarding the relevant dates for the
implementation of the Scheme will be made.

7 April 2014

Sponsor to Control Instruments: Investec Bank Limited  
Legal   Adviser  to   Control  Instruments:    Bowman   Gilfillan

Corporate   Advisor  to   Torre:    AfrAsia   Corporate   Finance
Proprietary Limited
Designated Adviser to Torre: PSG Capital Proprietary Limited
Legal Advisor to Torre: DLA Cliffe Dekker Hofmeyr Incorporated

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