Update regarding the Transaction SOVEREIGN FOOD INVESTMENTS LIMITED Incorporated in the Republic of South Africa Registration number 1995/003990/06 Share code: SOV ISIN: ZAE000009221 (“Sovereign” or the “Company”) UPDATE REGARDING THE TRANSACTION Unless otherwise defined, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the combined offer circular to Sovereign shareholders, dated Thursday, 7 September 2017 (“Circular”). 1. Introduction Sovereign Shareholders are referred to the Circular, accompanied by the Bidco Prospectus, in terms of which Sovereign Shareholders were advised of the two separate but concurrent offers by Bidco to acquire all or a portion of the Sovereign Shares in issue, excluding Treasury Shares, by way of the Scheme, or the General Offer. 2. Update regarding the Transaction The indicative salient dates and times pertaining to the Offer and the Delisting as set out in the Circular (“Indicative Timetable”) were determined based on the assumption that certain Scheme Conditions and General Offer Conditions pertaining to regulatory approvals (“Regulatory Conditions”), would be fulfilled by Tuesday, 24 October 2017 and Tuesday, 10 October 2017, respectively. As at the date of this announcement, the Scheme and the General Offer respectively remain subject to the fulfilment of certain Regulatory Conditions. In the circumstances, the Indicative Timetable is no longer applicable to the Offer and the Delisting and a further announcement will be published in due course wherein Sovereign Shareholders will be provided with an update on the Scheme Conditions and the General Offer Conditions and the revised salient dates and times in respect of the Offer and the Delisting. In the event that the Scheme becomes operative, the General Offer will lapse. Alternatively, if the Scheme does not become operative and the General Offer becomes wholly unconditional, the General Offer will be implemented. Until such time as Sovereign Shareholders are advised otherwise, the Scheme and the General Offer will continue to run concurrently and the General Offer will remain open for acceptances until the General Offer Closing Date, being a date which shall be no less than 10 Business Days after the date on which the General Offer is declared wholly unconditional. 3. The Independent Board and Sovereign Board responsibility statement The Independent Board and the Sovereign Board (to the extent that the information relates to Sovereign and the Offer), collectively and individually, accept responsibility for the information contained in this announcement and certify that, to the best of their knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything that is likely to affect the import of such information. 4. Capitalworks and Bidco Board responsibility statement Capitalworks and the Bidco Board (to the extent that the information relates to Capitalworks, Bidco and the Offer), collectively and individually, accept responsibility for the information contained in this announcement and certify that, to the best of their knowledge and belief, the information contained in this announcement is true and this announcement does not omit anything that is likely to affect the import of such information. Port Elizabeth, Johannesburg 24 October 2017 Corporate advisor to Sovereign and the Independent Board One Capital Advisory Proprietary Limited Transaction sponsor to Sovereign One Capital Sponsor Services Proprietary Limited Attorneys to Sovereign and the Independent Board Cliffe Dekker Hofmeyr Inc. Corporate advisor to Capitalworks and Bidco One Capital Advisory Proprietary Limited Attorneys to Capitalworks and Bidco Cliffe Dekker Hofmeyr Inc. Independent sponsor to Sovereign Deloitte & Touche Sponsor Services Proprietary Limited Disclaimer This announcement shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of the securities described herein, in any jurisdiction, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction or without an exemption from the registration or qualification requirements under the securities laws of such jurisdiction. The distribution of this announcement in certain jurisdictions may be restricted by applicable law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions. Date: 24/10/2017 10:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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