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Arrowa cautionary relating to acquisition
Unitholders of Arrowhead are advised to exercise caution when dealing in their linked units until the financial effects of the transaction are announced.
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Arrowa acquisition announcement
Linked unitholders are advised that Arrowhead has concluded an agreement for the acquisition of phases 2, 3, 5 and 8 of Midtown Mall, Rustenburg ("the acquisition") from the Eric Ellerine Family Trust, the Sidney Ellerine Family Trust, the Selsick Family Trust and Hica Properties (Pty) Ltd. (the "vendors"). Phases 2, 5 and 8 of Midtown Mall are freehold properties and phase 3 is a leasehold property. The acquisition provides Arrowhead with an opportunity to increase its retail portfolio exposure and gain access to one of the fastest growing retail nodes in the country. This strategic acquisition will improve the quality and average size of the portfolio and will also improve the geographic spread of the company's properties.
Terms of acquisitions and conditions precedent
The total purchase consideration payable by Arrowhead in respect of the acquisition is R178 000 000 which amount includes VAT levied at a rate of 0% (the "purchase price"). Payment of the purchase price for the acquisition will be secured by way of a vendor consideration placement of Arrowhead A and B linked units. The effective date of the acquisition will be the first day of the month in which either the last freehold property is transferred or the cession of the leasehold is registered (whichever is the later). The purchase price shall be discharged in cash on the effective date. The acquisition is conditional on:
- the owner of the leasehold property consenting to the cession of the leasehold to Arrowhead;
- the vendors passing the requisite resolutions required to approve the disposal of phases 2, 3, 5 and 8 of Midtown Mall to Arrowhead; and
- approval by the Competition Authorities.
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PBT cautionary relating to acquisition
Shareholders are no longer required to exercise caution when dealing in their PBT shares and accordingly, the cautionary announcement released by PBT on 5 April 2012 is hereby withdrawn.
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PBTacquisition announcement
Further to the cautionary announcement published on 16 February 2012 and the renewal thereof on 5 April 2012, shareholders are advised that the company has entered into an agreement to acquire 51% of the issued share capital of Cyberpro ("the acquisition"). As an extension to the current services offering, the acquisition of Cyberpro, a Microsoft solutions company, is another logical step towards specialised focussed professional services.
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Capricorn conclusion of acquisition
The company advised shareholders that following the SENS announcement published on 4 May 2012 which announcement noted that certain conditions precedent to the finalisation of the Specific Share Issues and the acquisition of WUC remain outstanding, which transactions were detailed in the circular dated 2 April 2012, all the conditions precedent to the above-mentioned transactions have been fulfilled. An application will be made to the JSE for the unsuspension of the company. Shareholders are advised that the salient dates as announced on 28 March 2012 have been amended as follows:
Specific share issue timetable
- Finalisation data in relation to the Specific Share Issue announced on SENS by no later than Friday, 18 May
- Last date to trade shares in order to be eligible to subscribe for the Specific Share Issue: Friday, 25 May
- Ex the entitlement to apply in terms of the Specific Share Issue: Monday, 28 May
- Record date and closing date at 12h00 of the Specific Share Issue: Friday, 1 June
- Dematerialised shareholders will have their accounts at their CSDP or broker updated on Wednesday, 6 June
- Refund cheques to be posted to certificated shareholders: Wednesday, 6 June
- Date of issue and posting of new Mine Restoration Investments share certificates in terms of the Specific Share Issue to certificated shareholders on or about but not before Monday, 18 June
Reverse-listing timetable
- Finalisation data in relation to the name change and conversion of shares to no par value shares announced on SENS by no later than Friday, 18 May
- Finalisation announcement in the press by no later than Monday, 21 May
- Last date to trade share in the old name Capricorn at a par value of R0.001 in order to be recorded as a shareholder by the record date on Friday, 8 June
- Listing of, and trading in, new Mine Restoration Investments ordinary shares ("Shares") with no par value under the new JSE Code MRI and ISIN ZAE000164562 on the Alternative Exchange Listing of new Mine Restoration Investments on Monday, 11 June.
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Aveng appoints new director
Shareholders were hereby advised of the appointment of Mr Stephen Pell as an executive director of Aveng with effect from 1 June 2012.
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 MMI appoints new director
Mr L Crouse has been appointed as a non-executive director on the MMI board with effect from 18 May 2012. He has also been appointed on the boards of Momentum Group Ltd. and Metropolitan Life Ltd., both subsidiary companies of MMI.
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Lonfin interim management statement
Since the 31st December 2011, Lonfin's net assets per share, including investments at market value, increased by 3.8% from 32.7p to 33.93p at 30th April 2012. The company's general portfolio of equities increased in value by 6.4% compared to an increase in the Eurofirst 300 index of 5.0%. The value of Strategic Investments: Western Selection P.L.C., Finsbury Food Group plc and MWB Group Holdings Plc increased marginally in the period with a 10.5% rise in the value of our holding in Western Selection P.L.C. offset by falls in the other two holdings. Following the disposal of the London investment property earlier this year, Lonfin has recently started to invest the sale proceeds in blue chip stocks held in the general portfolio. This will be a gradual process as the aim is to buy the shares at what the board considers to be good value. The board remains cautious about the remainder of the company's financial year given the continuing uncertainty in the Euro-zone.
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 AngloGold gets support from fund manager
Business Day reported that Joan Paulson, a billionaire hedge fund manager, has recommended buying AngloGold at the annual Ira Sohn conference in New York. AngloGold is Paulson's third-largest position. Paulson believes that AngloGold is "an extremely attractive opportunity" and that the company was "firing on all cylinders," despite the company's shares not performing well over the past three years and underperforming bullion.
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CapShop -- scrip dividend alternative
Shareholders should note that a scrip dividend alternative is not being offered in respect of the 2011 final dividend given prevailing stock market conditions and in particular the level of the share price relative to net asset value per share. A scrip dividend alternative may, at the director's discretion, be offered in respect of any future dividend. Further details about the scrip dividend scheme can be found at www.capital-shopping- centres.co.uk/investors/shareholder_info/dividends.
Exchange rate for 2011 final dividend payable to shareholders on the South African register
CapShop confirmed that the South African rand exchange rate for the 2011 final dividend of 10 pence per ordinary share to be paid on 3 July 2012, to shareholders registered on 1 June 2012, will be ZAR13.2123/GBP1.00. CapShop is a Real Estate Investment Trust and will pay the final dividend partly as a Property Income Distribution ("PID") with a gross value of GBP2.5 pence per share, which will be subject to deduction of a 20% UK withholding tax, and partly as a non-PID with a value of GBP7.5 pence per share, which will be subject to deduction of a 15% South African dividends tax in the hands of SA shareholders (unless exemptions apply). Accordingly shareholders who hold their shares via the South African register will receive a dividend per ordinary share as follows:
- Gross amount of dividend -- 132.1230 ZA cents
Payable as:
- PID element -- 33.0308 ZA cents (GBP2.5 pence)*
- Less 20% UK withholding tax -- 6.6062 ZA cents (GBP0.5 pence)*
- Net PID dividend payable 26.4246 ZA cents (GBP2.0 pence)*
- Non-PID element -- 99.0923 ZA cents
- Less 15% SA dividends tax -- 14.8638 ZA cents
- Net non-PID dividend payable -- 84.2285 ZA cents
- Total net dividend payable -- 110.6531 ZA cents
- GBP amounts stated for HMRC refund application purposes only.
South African shareholders may apply, after payment of the dividend, to the UK tax authority for a refund of the difference between the 20% UK withholding tax and the UK/South African double taxation treaty rate of 15%. CSC will account to UK HM Revenue & Customs in sterling for the tax withheld. Settlement of any claims for refund will also be calculated and settled in sterling.
The information given above will assist with applications for refunds for the UK withholding tax. For information on PIDs and refund claims, including claim forms and guidance on how to complete them, visit www.capital-shopping-centres.co.uk/investors/shareholder_info/reit
The 2011 final dividend, which was declared and approved for payment on 25 April 2012, will be treated in South Africa as a foreign dividend and will therefore be subject to dividends tax, which will be withheld from the non-PID element of the final dividend paid to South African shareholders at the rate of 15% unless a shareholder qualifies for an exemption from dividends tax. No Dividends tax will be deducted from the PID element as the net UK withholding tax of 15% will be offset.
No secondary tax on companies (STC) credits will be available to be utilised against dividend tax withheld on the payment of the final dividend. The number of shares in issue as at the declaration date was 860 347 169 ordinary shares of GBP50p each.
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AECI preference dividend announcement
Notice was given that on Friday, 18 May 2012 the directors of AECI declared a gross dividend at the rate of 5.5 per cent per annum for the six months ending Friday, 15 June 2012 payable on Friday, 15 June 2012 to holders of preference shares recorded in the books of the company at the close of business on Friday, 8 June 2012.
The last day to trade cum dividend will be Friday, 1 June 2012 and shares will commence trading ex dividend as from Monday, 4 June 2012. The dividend is declared in pound sterling and payment will be made from the offices of the Transfer Secretaries in South Africa and the United Kingdom on Friday, 15 June 2012.
Dividends payable from South Africa will be paid in South African currency at the rate of 36.09203 cents per share (gross dividend) in accordance with the exchange rate ruling on Monday, 14 May 2012 (1 pound sterling = R13.1244).
A South African dividend withholding tax of 15% will be applicable to all shareholders who are not either exempt or entitled to a reduction of the withholding tax rate in terms of a relevant Double Taxation Agreement resulting in a net dividend of 30.67823 cents per share to those shareholders who are not exempt. Application forms for exemption or a reduction may be obtained from the Transfer Secretaries and must be returned to them on or before Friday, 1 June 2012.
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Skinwell name change salient dates delayed
Shareholders are referred to the announcements released on SENS on 6 March 2012 and 10 April 2012, wherein shareholders were notified of the proposed name change and the related salient dates pertaining to the change of name from Skinwell Holdings Ltd. to Imbalie Beauty Ltd. ("the salient dates' announcement"). The special resolution relating to the name change proposed at the general meeting of Skinwell shareholders held on Thursday, 3 May 2012 was passed by the requisite majority of shareholders. However, the registration of the name change has not been effected by the Companies and Intellectual Property Commission ("CIPC") to date, and as such the dates applicable to the change of name as stated in the salient dates' announcement, are no longer relevant. Once the name change has been registered by CIPC, the relevant dates and other salient information relating to the change of name will be announced on SENS.
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Liberty announce results of AGM
Liberty Holdings announced that all ordinary and special resolutions set out in the notice of the annual general meeting dated 29 February 2012 were duly passed by the requisite majority of shareholders at the annual general meeting held on 18 May 2012.
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Pinnacle announce results of GM
Shareholders are referred to the circular to Pinnacle shareholders dated 17 April 2012 regarding the amendments to The Pinnacle Share Purchase Scheme. Shareholders are advised that at the general meeting of Pinnacle shareholders held on 18 May 2012, both ordinary resolutions were approved by the requisite majority of shareholders to approve the amendments.
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 Barloworld -- cautionary
Shareholders were advised that Barloworld is in negotiations with Caterpillar Global Mining LLC and some of its subsidiaries for the acquisition of the Bucyrus distribution businesses in certain of our southern African Cat dealership territories which, if successfully concluded, may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to exercise caution when dealing in the company's securities until a full announcement is made.
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Truworths director retires
The company advised of the retirement of Albert Edward (Ed) Parfett as an independent non-executive director of the company with effect from the close of business on 17 May 2012.
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Jubilee notice of GM
The board of Jubilee announced that it has on Friday 18 May, issued a notice of general meeting to shareholders, to be held at the offices of finnCap at 60 New Broad Street, London, EC2M IJJ on Monday 11 June at 11.00 (BST). A copy of the notice is available on the company's website www.jubileeplatinum.com.
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Pinpoint renewal of cautionary
Further to the SENS announcements dated 22 August 2011, 4 October 2011, 15 November 2011, 3 January 2012, 16 February 2012, and 28 March 2012 shareholders are advised to continue to exercise caution when dealing in the company's securities until a full announcement in regard to the final liquidation and potential delisting of the company is made.
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Liberty operational update
The results of the first quarter of 2012 reflect continued strong growth in Retail SA new business, positive client net cash inflows in both asset management and insurance operations, and a good operational performance across the group. Returns on our shareholder investment portfolio were supported by the positive investment markets. In summary: Long-term insurance indexed new business (excluding premium escalations) was up 22% to R1 283 million for the period. Insurance net cash inflows of R819 million are substantially higher compared to the corresponding 2011 period of R296 million. Total group assets under management increased to R469 billion from R455 billion at 31 December 2011. The shareholder investment portfolio reflected the performance of favourable financial markets during the quarter. The capital adequacy level of Liberty Group Ltd., the entity which conducts the bulk of the company's insurance activities, remains strong at 2.81 times the required cover (31 December 2011: 2.89) after the payment of R750 million to support Liberty Holdings 2011 final dividend distributions paid in March and April 2012. All the other life license subsidiaries remain well capitalised.
Retail SA
Retail SA continues to deliver on its strategy in both the traditional and emerging consumer (ECM) markets. Retail SA indexed new business was up 24%, with recurring new business up 20% to R810 million and single premium new business up 36% to R3 277 million. The overall increase in indexed new business was driven mainly by strong guaranteed investment, annuity and risk business sales in the traditional and ECM markets as well as good growth in credit life sales under the Standard Bank bancassurance agreement. ECM indexed new business was up 54% off a low base. Retail SA net cash inflows of R1 163 million were up over 100% on the corresponding 2011 period of R457 million driven by continued strong single premium business.
LibFin
LibFin continues to manage the shareholder investment portfolio within mandate and returns for the first quarter were in line with benchmark. LibFin Markets benefited from lower investment market volatility during the quarter. Institutional and Asset Management
Corporate
Significant action to accelerate efforts to address historical systems and administrative concerns has affected operating results. However, good progress has been made and management is comfortable that the actions taken will have the desired outcome. Corporate indexed new business was down 15% to R 106 million mainly as a result of lower single premium business. Corporate cash outflows increased to R488 million in this quarter from R186 million in 2011 due to the loss of certain scheme investment mandates, the acceleration of the backlog administration project as well as lower single premium sales.
STANLIB
Assets under management for the period increased to R353 billion compared to R341 billion at 31 December 2011, reflecting a further R3.5 billion in net inflows (excluding intercompany life assets), as well as the increase in underlying asset values resulting from market growth. Client net Inflows included R1.7 billion in respect of retail and institutional funds (excluding money market) and R1.8 billion into the money market products. Investment performance continued to improve during the period.
Liberty Properties
Liberty Properties, which now constitutes property management and development, has benefited from growth in property management fees supported by the recent increases to rental areas at the flagship shopping centres. However, delays in development mandates have resulted in reduced development fee income.
Fountainhead
Liberty Holdings has entered into agreements to sell its 50% joint venture interests in Fountainhead Property Trust Management Ltd. and Evening Star Trading 768 (Pty) Ltd. to Redefine Properties Ltd. for R330 million. The current IFRS book value at 31 March 2012 of these interests is R203 million. The sale is subject to regulatory approvals.
Diversification Initiatives - Liberty Africa
Net customer cash inflows in the asset management business amounted to R350 million for the period with assets under management remaining static at R39 billion during the period. The East African operations have benefited from the partial recovery of investment markets in the region.
Liberty Health
Operational efficiencies continue to be enhanced under the new management team and the medical risk loss ratio improved during the period.
Direct Financial Services (incorporating FRANK.NET)
The recently launched transactional initiative with Retail SA and Standard Bank utilising the FRANK.NET technology platform is performing to expectation. In addition, Vodacom South Africa has appointed FRANK.NET as its partner in its new long-term insurance initiative.
Conclusion
Management's focus remains on ensuring that the core South African insurance operations are managed within acceptable sustainable long-term assumption sets, whilst gaining profitable market share in all business lines and markets in which we operate. The leveraging of our group capabilities and the execution of our previously communicated strategy remains the key priority for management.
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MMI proposed restructuring of B-BBEE transaction
MMI and KTH have a long-standing relationship, which began in 2004 when Kagiso Trust Investments (Pty) Ltd. (now known as KTH following its merger with Tiso Group Proprietary Ltd.) acquired a 10% shareholding in MMI, through Off the Shelf Investments 108 (Pty) Ltd. ("SPV"), and became MMI's strategic empowerment partner ("BEE transaction"). MMI was created in 2010 pursuant the merger of Metropolitan Holdings Ltd. ("Metropolitan") and Momentum Group Ltd. ("Momentum"), resulting in a substantially larger and more diversified financial services group. MMI supports opportunities to improve its business and advance its BEE status in line with the philosophy of good corporate citizenship and in line with the philosophy of good corporate citizenship and the department of trade and industry's broad- based black economic empowerment codes of good practice ("codes"). Following the merger of Metropolitan and Momentum in 2010, KTH and the Metropolitan Empowerment Trust (the vehicle through which MMI management held an indirect interest in MMI) together held approximately 8% of MMI's total issued ordinary shares. The Metropolitan Empowerment Trust has since exited the BEE structure, and KTH has increased its effective shareholding in MMI. MMI, in line with the continued objective to advance its BEE status, intends to facilitate the refinancing of the BEE transaction through specific amendments which will result in a restructuring thereof ("BEE restructuring"). This announcement outlines the key details of the BEE restructuring.
Rationale
BEE is one of MMI's most important business imperatives and is in line with MMI's strategic objectives. While KTH's effective interest in MMI has increased, the current beneficial BEE shareholding was reduced following the Metropolitan Empowerment Trust's exit. Given that the lock-in restrictions on KTH's holding of MMI ordinary shares as provided for in the current relationship agreement will expire in the near future, the empowerment credentials of MMI could be negatively impacted should KTH elect to sell its interests in MMI. MMI intends to facilitate the BEE restructuring through the refinancing of KTH's shareholding in MMI and the extension of the lock-in restrictions in relation to KTH's shareholding in MMI. Pursuant to this, MMI and KTH have entered into a revised relationship agreement to facilitate MMI's empowerment credentials.
Terms of the BEE restructuring
Below are the principal terms of the proposed BEE restructuring:
- Step one: Extension and amendment to Both the A3 SPV preference shares and the terms of the A3 MMI the A3 MMI preference shares will be preference shares and A3 extended for a period of five years and SPV preference shares the terms attaching to these shares will be amended. The annual coupon per share payable on the A3 MMI preference shares will be reduced to R1.32 per share per annum from the current R1.76 per share.
- Step two: Convert all A1 and A2 MMI SPV will convert all the A1 and A2 preference shares into MMI preference shares held by it into ordinary shares MMI ordinary shares on a one-for-one basis as set out in the terms and conditions attaching to the A1 and A2 MMI preference shares.
- Step three: Funding raised by SPV SPV intends to independently raise funding of up to R271 million by issuing a new class of preference shares to external funders, which funding will be utilised to redeem the existing A1 SPV preference shares.
- Step 4: Redemption of the A2 SPV SPV will sell such number of MMI preference shares ordinary shares as is required to redeem all the A2 SPV preference shares.
Following the BEE restructuring KTH will hold a direct and indirect equity interest of approximately 7% in MMI mainly through 79 million ordinary shares and 34 million A3 MMI preference shares.
Pro forma financial effects of the BEE restructuring
Before & after restructuring
- EPS (cents): 54 & 53
- HEPS (cents): 54 & 54
- NAV per share (cents): 1 532 & 1 492
- Weighted average number of shares in issue (millions): 1 489 & 1 555
Conditions precedent
The BEE restructuring is subject to:
- the approval of all relevant resolutions in the notice of general meeting attached to the circular posted to shareholders today by the requisite majority of votes at the general meeting, which resolutions are required in order to effect the amendment to the terms attaching to the A3 MMI preference shares as detailed in the circular, and
- the lodgement of the relevant special resolutions with the Companies and Intellectual Property Commission.
Odd-lot offer and voluntary repurchase offer
In terms of the odd-lot offer, odd-lot holders are offered the opportunity to:
- sell their odd-lot holdings at the offer price detailed below; or
- retain their odd-lot holdings.
Those odd-lot holders who do not make an election by no later than 12:00 on Friday 20 July 2012 ("record date"), will automatically be regarded as having chosen to sell their odd-lot holdings at the offer price.
Offer price
The offer price will be calculated using the volume weighted average traded price of an MMI ordinary share on the JSE over the five trading days commencing on Thursday 28 June 2012 and ending on Wednesday 4 July 2012, plus a 10% premium ("offer price"). The offer price will be announced on SENS on Friday 6 July 2012 and published in the South African and Namibian press on Monday 9 July 2012.
Mechanism
- The offers shall be open for acceptance from 09:00 on Thursday 7 June 2012 and will close at 12:00 on Friday 20 July 2012. All shareholders who hold less than 100 MMI ordinary shares at the close of business on the record date are invited to participate in the odd-lot offer, and shareholders who hold from 100 to 500 MMI ordinary shares at the close of business on the record date are invited to participate in the voluntary offer.
- The MMI ordinary shares of those odd-lot holders who do not make an election or who choose to receive the offer price will be repurchased by MMI.
- The MMI ordinary shares of those voluntary holders who choose to receive the offer price will be repurchased by MMI.
- Odd-lot holders who do not make an election should note that, subject to the resolutions necessary to implement the offers being passed at the general meeting, their shares will automatically be repurchased by MMI, without any further action on their part and without any further notice to them.
- Voluntary holders who do not make an election will retain their shareholding in MMI.
Conditions precedent
Subject to:
- the requirements of section 48 (read with section 46) of the Companies Act,
- to the special resolution authorising the specific repurchase in terms of the offers and the ordinary resolution authorising the directors to make and implement the odd-lot offer and the voluntary repurchase offer being passed by shareholders at the general meeting, and
- the lodgement of the relevant special resolutions with the Companies and Intellectual Property Commission, all MMI ordinary shares sold by odd-lot holders and voluntary holders in terms of the offers will be repurchased by MMI as a specific share repurchase in terms of section 48 (read with section 46) of the Companies Act and the provisions of the JSE Listings Requirements.
Posting of circular and notice of general meeting
Shareholders are advised that a circular incorporating a notice of a general meeting of shareholders has been dispatched to shareholders on Friday 18 May 2012, containing full details of the BEE restructuring and the offers. This circular is also available on the MMI website. The general meeting is convened to be held at MMI's offices, 268 West Avenue, Centurion, on Monday 18 June 2012 at 12:00 for the purpose of obtaining the necessary approvals required to give effect to the proposed BEE restructuring and the offers.
Salient dates & times
- Post circular: Friday 18 May
- Results of the general meeting released on SENS: Monday 18 June
- Fulfilment of conditions precedent and finalisation of the offer price announcement (including the final offer price) released on SENS: Friday 6 July
- Last day to trade in order to participate in the offer: Friday 13 July
- Payments of the offer price to odd-lot holders and voluntary holders with certificated shares in respect of their sale shares: Monday 23 July
- Results of the offers released on SENS Monday 23 July.
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Sovereign -- board changes
The board of directors of Sovereign advised the company's shareholders that Chris Coombes, who currently holds the position of CFO of the company, has been appointed as CEO with effect from 1 June 2012. Charles Davies, who has held the position of executive chairman of Sovereign since 30 September 2011, will resume the position of independent non-executive chairman with effect from 1 June 2012.
In addition, Litha Nyhonyha, who has held the position of lead independent director of the company since 30 September 2011, will resume the position of independent non-executive director with effect from 1 June 2012.
The board is aware of the Listings Requirements in respect of the appointment of an executive financial director and will update shareholders as and when a suitable candidate has been appointed.
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Wilderness expects lower earnings
The board of Wilderness announced that the group's results for the year ended 29 February 2012 are likely to be significantly lower from those achieved in the comparative period. This is mainly attributable to the inclusion of capital profits in the prior period. At the same time, it is recorded that the group's operating results are in line with those of the comparative period. Therefore shareholders and investors are advised to exercise caution when trading in the company's securities until the release of the group's results for the year ended 29 February 2012.
The results are expected to be released on the Botswana Stock Exchange website and on SENS on or about 30 May 2012. Wilderness will hold a results presentation at the Gaborone Sun conferencing rooms, Chuma Drive, Gaborone, Botswana on 30 May 2012 at 11:00 and at the Holiday Inn Sandton, 123 Rivonia Road, Sandton, Johannesburg in the Tanzanite room on 31 May 2012 at 11:00. All interested parties are invited to attend. Please RSVP to investor@wilderness.co.za before 24 May 2012.
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IFA renewal of cautionary
Shareholders are referred to previous cautionary announcements, the last of which was published on 8 March 2012 and are advised that the negotiations referred to therein are ongoing and may or may not result in a potential corporate action that may have a material effect on the price of the company's securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the company's securities, until a further detailed announcement is made.
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Beige extension of hearing date
Shareholders are referred to the SENS announcement on 4 May 2012 relating to the extension of the closing date of the mandatory offers by Lion Match to the ordinary and preference shareholders of Beige. The above referred to announcement advised shareholders that the hearing by the Takeover Special Committee ("TSC") regarding the appeal to the ruling by the Executive Director of the Takeover Regulation Panel ("TRP") on the non- comparability of the preference share offer ("the hearing") had been postponed to 18 May 2012. Shareholders are advised that the above-mentioned hearing date of 18 May 2012 has been further postponed to such a future date to be determined in due course, which detail will be announced once established.
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Peregrine -- further cautionary
Shareholders were referred to the cautionary announcement released on SENS on 30 March 2012 in relation to the proposed restructuring of the BEE shareholding in Peregrine ("the transaction") and are advised that:
- the transaction is still subject, inter alia, to the fulfilment of the conditions set out in the cautionary announcement; and
- a further announcement regarding the transaction (including its financial effects) and progress for its implementation will be made in due course.
In the interim shareholders are advised to continue to exercise caution when dealing in Peregrine shares.
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Workforce announce results of AGM
Shareholders are advised that at the annual general meeting of the company held on 17 May 2012, all the proposed resolutions included in the notice of annual general meeting posted to shareholders together with the company's 2011 annual integrated report, were approved by the majority of shareholders present in person and by proxy.
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AVI -- acquisition of Green Cross completed
Shareholders are advised that AVI has entered into an agreement in terms of which it will acquire 100% of the issued share capital and shareholders' loans of Green Cross ("the transaction" or "the acquisition"). The transaction is not a categorised transaction in terms of the Listings Requirements of the JSE Ltd.
Information on Green Cross
Green Cross was founded in 1975 and is a vertically integrated manufacturer, importer and retailer of ladies, men's and children's footwear in South Africa and surrounding geographies.
Particulars of transaction
Purchase consideration
The purchase consideration payable by AVI will be an initial amount of R382.5 million plus a contingent earn-out payment up to a maximum amount of R35 million, payable in March 2013 subject to certain profit hurdles being achieved in Green Cross' financial year ending 28 February 2013. AVI will discharge the initial amount of the purchase consideration in a single cash payment to the vendors. AVI will fund the entire purchase consideration from existing cash resources.
Effective date
The transaction's effective date is 1 March 2012.
Conditions precedent
The transaction is subject to the fulfilment of certain conditions precedent including the receipt by the parties of the unconditional approval of the South African Competition Authorities in terms of the Competition Act no. 89 of 1998, as amended, and the receipt by the parties of the written consent of certain landlords in respect of the transfer of certain leases over premises utilised by Green Cross in its retail operations.
Conclusion
AVI's board of directors believes that the transaction is strongly aligned to the group's strategy of growing great brands and that the addition of this leading brand with a solid track record and exciting future growth opportunities will allow AVI to further capitalise on its expertise in the premium branded footwear category. Further details relating to the transaction will be communicated at the group's year-end results presentation to be held during September 2012.
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1time -- renewal of cautionary
Further to the cautionary announcement dated 30 March 2012, shareholders were advised that the full impact of the new developments are still being determined, which may have a material effect on the price of 1time's securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities, until a further announcement is made.
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Eastplats -- updated reserve statement
Eastplats updated the reserve statement for the Crocodile River Mine located near Brits in Northwest Province, South Africa. The updated reserve reflects depletion and development work subsequent to the reserves published in our NI 43-101 compliant technical report which was published on SEDAR on 20 December 2010. The updated reserve is current to 31 December 2011. The following factors apply:
- 15% geological losses are included
- 15% losses for pillars are included
- 5% mining loss is included
- Mining widths are now 142 cm (were 148 cm at Zandfontein and 153 cm at Maroelabult in 2010)
- Dilution consistent with the mining width is included
- Dilution from gully and on reef development is excluded
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Afrox announce results of AGM
The board of directors advised that, at the annual general meeting of Afrox shareholders held at the registered offices of the company on 17 May 2012, all the ordinary and special resolutions as set out in the notice of annual general meeting were duly passed by the requisite majority votes.
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IFCA announce renewal of cautionary
Further to the cautionary announcement dated 3 March 2011, and the subsequent renewal of cautionary announcements, the last of which was incorporated in the reviewed provisional results for the year ended 31 December 2011 which were released on SENS on 30 March 2012, shareholders are advised that negotiations are still in progress which, if successfully concluded may have a material effect on the price of IFCA's securities. Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities, until a further announcement is made.
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Sabvest report on AGM proceedings
At the annual general meeting of the shareholders of Sabvest held on 17 May 2012, all the fifteen resolutions proposed at the meeting were approved unanimously.
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Brimstone announce results of AGM
Brimstone shareholders are advised that, at the annual general meeting of Brimstone held on 16 May 2012, all the resolutions were passed by the requisite majority of shareholders.
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 MICROmega subsidiary awarded additional tender
MICROmega's subsidiary company NOSA (Pty) Ltd. ("NOSA") has secured an additional tender for the provision of a "Working at Heights" solution from Transnet Rail Engineering ("Transnet").
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AngloGold director appointment
AngloGold announced the appointment of Mr Michael James Kirkwood as an independent non-executive director to its board of directors with effect from 1 June 2012.
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RedefIntl secures planning consent
RedefIntl announced that it has achieved full planning consent for a new residential led, mixed use, development scheme on the currently vacant Lyon House and Equitable House sites in the heart of Harrow town centre. Lyon House was a former government-let property and was occupied by HMRC until June 2010. Planning permission was granted last night, subject to Greater London Authority (GLA) approval, at Harrow Borough Council's planning committee meeting.
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SABMiller - Altria financial disclosure
Altria Group Inc ("Altria") released a revision to its reported results for the fiscal quarter ended 31 March 2012 from its 27.0% economic and voting investment in SABMiller plc, expressed in US GAAP at prevailing exchange rates. Altria will record one-time non-cash exceptional gains of USD240 million reflecting Altria's share of non-cash exceptional gains resulting from SABMiller's strategic alliance transactions with Anadolu Efes and Castel that were completed in the first quarter of 2012. Altria has determined that it is appropriate to revise its first quarter 2012 financial statements to reflect its share of the non-cash gains. Altria has determined that the non-cash gains were not material to Altria's first quarter 2012 financial statements. Accordingly, Altria will reflect this revision in its financial statements for the six months ending 30 June 2012.
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Nutrition updated trading statement
Further to the trading update issued on 9 May 2012, shareholders are advised that the company expects to report an earnings per share for the year ended 29 February 2012 to be between 0.19 cents and 0.22 cents per share compared to a earnings per share of 0.15 cents for the year ended 28 February 2011. All other information referred to in the 9 May 2012 trading update remains unchanged. Shareholders are advised that the company is currently in the process of finalising the results for the year ended 29 February 2012. The company's results for the year ended 29 February 2012 is expected to be published on or about 24 May 2012.
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Eastplats -- AGM notification
Eastplats gives notice in accordance with regulatory requirements, that it has mailed out its information circular, notice of meeting and related proxy materials on May 16, 2012, in connection with the company's annual general meeting to be held on June 12, 2012 at 10:00 A.M. in the Erickson Room, lobby level, 1075 West Georgia Street, Vancouver, British Columbia, Canada.
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PPC interim results presentation
As a courtesy, PPC informed stakeholders that there will be a webcast of its 2012 interim results presentation at 10h00 on 17 May 2012. Stakeholders can access the webcast and/or download the presentation from www.ppc.co.za or www.corpcam.com/streamregister.asp?regid=781 at 10h00.
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