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ECSPONENT LIMITED - Declaration announcement relating to the proposed amendments to the Memorandum of Incorporation

Release Date: 19/05/2020 09:45
 
Wrap Text
Declaration announcement relating to the proposed amendments to the Memorandum of Incorporation

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

CURRENT PREFERENCE SHARES LISTED AS DEBT INSTRUMENTS                     NEW PREFERENCE SHARES TO BE
                                                                         LISTED AS HYBRID INSTRUMENTS
Class A Preference             Series          JSE Code   ISIN           New JSE      New ISIN
Shares                         Number                                    Code (1)     (2)
Ecsponent Pref Share   A2      2               ECSP4      ZAE000202495
Ecsponent Pref Share   A3      3               ECSP7      ZAE000210480   ECSA        ZAE000287082
Ecsponent Pref Share   A4      4               ECSP10     ZAE000217196
Ecsponent Pref Share   A5      5               ECSP13     ZAE000244844
Class B Preference             Series          JSE Code   ISIN
Shares                         Number
Ecsponent Pref Share   B2      2               ECSP5      ZAE000202503   ECSB2       ZAE000287090
Ecsponent Pref Share   B3      3               ECSP8      ZAE000210498   ECSB3       ZAE000287108
Ecsponent Pref Share   B4      4               ECSP11     ZAE000214441   ECSB4       ZAE000287116
Ecsponent Pref Share   B5      5               ECSP14     ZAE000221362   ECSB5       ZAE000287124
Ecsponent Pref Share   B6      6               ECSP17     ZAE000229878   ECSB6       ZAE000287132
Ecsponent Pref Share   B7      7               ECSP20     ZAE000241717   ECSB7       ZAE000287140
Ecsponent Pref Share   B8      8               ECSP23     ZAE000246112   ECSB8       ZAE000287157
Ecsponent Pref Share   B9      9               ECSB9      ZAE000250049   No change   No change
Ecsponent Pref Share   B10     10              ECSB10     ZAE000255675   No change   No change
Ecsponent Pref Share   B11     11              ECSB11     ZAE000258844   No change   No change
Ecsponent Pref Share   B12     12              ECSB12     ZAE000263257   No change   No change
Ecsponent Pref Share   B13     13              ECSB13     ZAE000268371   No change   No change
Ecsponent Pref Share   B14     14              ECSB14     ZAE000273157   No change   No change
Ecsponent Pref Share   B15     15              ECSB15     ZAE000280939   No change   No change
Class C Preference                             JSE Code   ISIN
Shares
Ecsponent Pref Share   C2      2               ECSP6      ZAE000202511
Ecsponent Pref Share   C3      3               ECSP9      ZAE000210506
Ecsponent Pref Share   C4      4               ECSP12     ZAE000218525
Ecsponent Pref Share   C5      5               ECSP15     ZAE000222501   ECSC        ZAE000287165
Ecsponent Pref Share   C6      6               ECSP18     ZAE000231205
Ecsponent Pref Share   C7      7               ECSP21     ZAE000241725
Ecsponent Pref Share   C8      8               ECSP24     ZAE000246757
Class D Preference                             JSE Code   ISIN
Shares
Ecsponent Pref Share   D1      1               ECSD1      ZAE000250148
Ecsponent Pref Share   D2      2               ECSD2      ZAE000254389
Ecsponent Pref Share   D3      3               ECSD3      ZAE000258851
Ecsponent Pref Share   D4      4               ECSD4      ZAE000263265   ECSD        ZAE000287173
Ecsponent Pref Share   D5      5               ECSD5      ZAE000268389
Ecsponent Pref Share   D6      6               ECSD6      ZAE000273140
Ecsponent Pref Share   D7      7               ECSD7      ZAE000277620
Ecsponent Pref Share   D8      8               ECSD8      ZAE000280291
Class E Preference                             JSE Code   ISIN
Shares
Ecsponent Pref Share   E1      1               ECSE1      ZAE000250155
Ecsponent Pref Share   E2      2               ECSE2      ZAE000254397
Ecsponent Pref Share   E3      3               ECSE3      ZAE000258869
Ecsponent Pref Share   E4      4               ECSE4      ZAE000263281   ECSE        ZAE000287181
Ecsponent Pref Share   E5      5               ECSE5      ZAE000268363
Ecsponent Pref Share   E6      6               ECSE6      ZAE000273132
Ecsponent Pref Share   E7      7               ECSE7      ZAE000280947
Class G Preference                             JSE Code   ISIN
Shares
Ecsponent Pref Share G1       1                ECSG1           ZAE000250163
Ecsponent Pref Share G2       2                ECSG2           ZAE000258877          ECSG           ZAE000287199
Ecsponent Pref Share G3       3                ECSG3           ZAE000263307
Ecsponent Pref Share G4       4                ECSG4           ZAE000273124
(collectively “Current Preference Shares”)                                           (“Amended Preference Shares”)

DECLARATION ANNOUNCEMENT RELATING TO THE PROPOSED AMENDMENTS TO THE MEMORANDUM OF
INCORPORATION WHICH MAY RESULT IN CHANGES TO THE STATUS AND LISTING OF THE CURRENT
PREFERENCE SHARES AND/OR THE CONVERSION OF THE CURRENT PREFERENCE SHARES TO NEW ORDINARY
SHARES


Reference is made to the announcement released on SENS on 28 April 2020 advising ordinary and preference shareholders
(collectively “Security Holders”) that a circular (“Circular”) had been distributed to the Company’s Security Holders, setting
out details relating to the proposed amendments to the Company’s Memorandum of Incorporation (“MOI Amendments”) and
containing notices of general meetings to be held on 27 May 2020 (“General Meetings”).

As detailed in the Circular, if:

a)   the MOI Amendments are approved by the requisite majority of Security Holders, the terms applicable to the current Class
     A, B, C, D, E and G Preference Shares (“Current Preference Shares”) will be amended such that the amended preference
     shares (“Amended Preference Shares”) will no longer classify as Debt Instruments, but will classify as Hybrid
     Instruments in terms of the JSE Listings Requirements. The Amended Preference Shares will be removed from Debt
     Instruments and transferred to Hybrid Instruments on the JSE List (“Transfer”), as detailed in timetable 1. It should be
     noted that the various classes of the Amended Preference Shares, other than Class B preference shares, will be condensed
     and itemised under new share codes and ISINs as set out in columns A and B of the above schedule; or

b)   the MOI Amendments are not approved by the requisite majority of Security Holders, the relevant Current Preference
     Shares held by those preference shareholders who did not approve the MOI Amendments will be converted to ordinary
     shares (“New Ordinary Shares”), as detailed in timetable 2, in accordance with the terms of the Current Preference
     Shares (“Default Conversion”).

Timetable 1: Salient dates and times relevant to the Transfer:

                                                                                                                    2020
 Special resolution relating to the MOI Amendments filed with CIPC for registration                    Wednesday, 27 May

 Finalisation announcement to be released on SENS (note 1)                                             Wednesday, 27 May

 Finalisation announcement to be published in the press                                                 Thursday, 28 May

 Last day to trade prior to the Transfer becoming effective                                              Tuesday, 2 June

 Suspension of trading in the Current Preference Shares as Debt Instruments                            Wednesday, 3 June

 Commencement of trading in the Amended Preference Shares as Hybrid Instruments on                     Wednesday, 3 June
 the JSE List (refer paragraph (a) above)

 Record date for the Transfer (“Record Date”)                                                             Friday, 5 June
 
Current Preference Shares removed from the JSE List at commencement of trade                              Monday, 8 June

 Accounts of current dematerialised preference shareholders with their CSDPs or Brokers                   Monday, 8 June
 will be updated, as applicable, with the Amended Preference Shares

 New share certificates relative to the Amended Preference Shares issued to current                       Monday, 8 June
 certificated preference shareholders, posted by registered post, at their risk


Timetable 2: Salient dates and times relevant to the Default Conversion:

                                                                                                                    2020
 Special resolution relating to the MOI Amendments filed with CIPC for registration                    Wednesday, 27 May

 Finalisation announcement to be released on SENS (note 1)                                             Wednesday, 27 May

 Finalisation announcement to be published in the press                                                  Thursday, 28 May

 Last day to trade prior to the Default Conversion becoming effective                                     Tuesday, 2 June
 
 Suspension in trading in the Current Preference Shares                                                 Wednesday, 3 June

 Commencement of trading in the New Ordinary Shares                                                     Wednesday, 3 June

 Record date for the Default Conversion (“Record Date”)                                                    Friday, 5 June
 
 Current Preference Shares removed from the JSE List at commencement of trade                              Monday, 8 June

 Accounts of current dematerialised preference shareholders with their CSDPs or Brokers                    Monday, 8 June
 will be updated, as applicable, with the New Ordinary Shares

 Share certificates relative to the New Ordinary Shares issued pursuant to the Default                     Monday, 8 June
 Conversion to relevant certificated preference shareholders, posted by registered post, at
 their risk

Notes to timetables:
1. Having regard to the first date of default by the Company, and therefore the expected date of the Default Conversion
   of certain classes of preferences shares, the finalisation date will occur 7 days prior to the Record Date and the
   Finalisation Announcement will be released on SENS after 11:00.
2. Preference shareholders may not dematerialise or rematerialise their Current Preference Shares between Tuesday,
   2 June 2020 and Friday, 5 June 2020, both dates inclusive.
3. The above dates are subject to the Company filing the MOI Amendments with CIPC on the date of the General Meetings,
   and accordingly the above dates may be subject to change. Any such change will be announced on SENS.


For more information about this announcement or the Ecsponent group, email
investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations.

19 May 2020
Pretoria

Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd

Date: 19-05-2020 09:45:00
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