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Additional information on default conversion and correction to conversion dates for Class E preference shares
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")
Class A Preference Shares Series Number JSE Code ISIN
Ecsponent Pref Share A2 2 ECSP4 ZAE000202495
Ecsponent Pref Share A3 3 ECSP7 ZAE000210480
Ecsponent Pref Share A4 4 ECSP10 ZAE000217196
Ecsponent Pref Share A5 5 ECSP13 ZAE000244844
Class B Preference Shares
Ecsponent Pref Share B2 2 ECSP5 ZAE000202503
Ecsponent Pref Share B3 3 ECSP8 ZAE000210498
Ecsponent Pref Share B4 4 ECSP11 ZAE000214441
Ecsponent Pref Share B5 5 ECSP14 ZAE000221362
Ecsponent Pref Share B6 6 ECSP17 ZAE000229878
Ecsponent Pref Share B7 7 ECSP20 ZAE000241717
Ecsponent Pref Share B8 8 ECSP23 ZAE000246112
Ecsponent Pref Share B9 9 ECSB9 ZAE000250049
Ecsponent Pref Share B10 10 ECSB10 ZAE000255675
Ecsponent Pref Share B11 11 ECSB11 ZAE000258844
Ecsponent Pref Share B12 12 ECSB12 ZAE000263257
Ecsponent Pref Share B13 13 ECSB13 ZAE000268371
Ecsponent Pref Share B14 14 ECSB14 ZAE000273157
Ecsponent Pref Share B15 15 ECSB15 ZAE000280939
Class C Preference 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
Ecsponent Pref Share C6 6 ECSP18 ZAE000231205
Ecsponent Pref Share C7 7 ECSP21 ZAE000241725
Ecsponent Pref Share C8 8 ECSP24 ZAE000246757
Class E Preference 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
Ecsponent Pref Share E5 5 ECSE5 ZAE000268363
Ecsponent Pref Share E6 6 ECSE6 ZAE000273132
Ecsponent Pref Share E7 7 ECSE7 ZAE000280947
ADDITIONAL INFORMATION ON DEFAULT CONVERSION AND CORRECTION TO CONVERSION DATES FOR
CLASS E PREFERENCE SHARES
Security Holders are referred to the announcement released on SENS on 27 May 2020 (“the Announcement”) which
provided details relating to the results of the general meetings of ordinary and preference shareholders in regard to the
proposed amendments to the Company’s Memorandum of Incorporation (“MOI Amendments”).
In terms of the Announcement, Security Holders were advised, inter alia, that the relevant resolutions relating to the
approval of the MOI Amendments had not been carried for the Class A, B, C and E preference shareholders, due to, inter
alia, the conditionality associated with that special resolution in relation to the receipt of notices under Section 164 of the
Companies Act, 2008 and that these classes of preference shares would accordingly be converted to ordinary shares
(“Default Conversion”).
Additional information on Default Conversion
Security Holders are further advised that the conversion rate applicable to Class A, B, C and E preference shares will be
as set out below:
Class ISIN Conversion ratio –
number of ordinary
shares for 1 (one)
preference share
Class A All ISIN numbers 2769.16735
Class B ZAE000202503 4671.61308
ZAE000210498 4350.37098
ZAE000214441 4203.62737
ZAE000221362 4059.63177
ZAE000229878 3940.91783
ZAE000241717 3777.13658
ZAE000246112 3674.36109
ZAE000250049 3545.20473
ZAE000255675 3396.81231
ZAE000258844 3301.45644
ZAE000263257 3182.74251
ZAE000268371 3080.79143
ZAE000273157 2969.77192
ZAE000280939 2816.70789
Class C All ISIN numbers 2776.86178
Class E All ISIN numbers 2771.09096
The above conversion rate is driven by the weighted average closing price of the Company’s ordinary shares, calculated
over the last twenty days of trading on the JSE prior to the first day of default, with the first day of default being 9 March
2020.
In the event that the Default Conversion gives rise to a fraction of an ordinary share becoming due to a preference
shareholder, fractional entitlements will be rounded up or down to the nearest whole number in compliance with the JSE’s
rounding convention, and in accordance with the terms of the Company’s Memorandum of Incorporation.
Correction to timetable applicable to the Default Conversion of Class E preference shares
In accordance with the current terms of the Class A, B, C and E preference shares, these preference shares will convert 3
(three) months after:
• default by the Company on repayment of the redemption price on the redemption date; or
• non-payment of 3 (three) consecutive dividends on class A, C and E preference shares of the Company.
Due to the fact that the Class E preference shares do not have any redemption amounts outstanding (as is the case with
the Class A, B and C preference shares), Class E preference shares will only convert 3 months following the non-payment
of 3 (three) consecutive dividends, being 11 August 2020.
Accordingly, the timetable set out in the Announcement relating to the Default Conversion will not apply to the Class E
preference shares and the Class E preference shares will convert in accordance with the below timetable:
2020
Last day to trade prior to the Default Conversion becoming effective Tuesday, 4 August
Suspension in trading in the current Class E preference shares Wednesday, 5 August
Commencement of trading in the New Ordinary Shares Wednesday, 5 August
Record date for the Default Conversion (“Record Date”) Friday, 7 August
Accounts of current dematerialised Class E preference shareholders with their CSDPs or Tuesday, 11 August
Brokers will be updated, as applicable, with the New Ordinary Shares
Share certificates relative to the New Ordinary Shares issued pursuant to the Default Tuesday, 11 August
Conversion to relevant certificated Class E preference shareholders, posted by registered
post, at their risk
Current Class E preference shares removed from the JSE List at commencement of trade Wednesday, 12 August
Note to timetable:
1. Class E preference shareholders may not dematerialise or rematerialise their preference shares between Tuesday,
4 August 2020 and Friday, 7 August 2020, both dates inclusive.
For more information about this announcement or the Ecsponent group, email
investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations.
29 May 2020
Pretoria
Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd
Date: 29-05-2020 03:54:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
