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AFPREFINV finalisation announcement
Holders of preference shares issued by the company ("preference shareholders") are referred to the announcement released on the Stock Exchange News Service ("SENS") and the circular posted to shareholders on 4 August 2014 in relation to the unbundling of AFPREFINV's entire shareholding in Alexander Forbes to preference shareholders (the "unbundling"), the distribution of any residual cash in the form of a redemption payment (the "redemption"), the delisting of the preference shares from the JSE (the "delisting") and the deregistration of AFPREFINV (the "deregistration").
Further to the class meeting and general meeting results announcement released on SENS on 1 September 2014, preference shareholders are advised that all conditions precedent to the unbundling have been fulfilled and accordingly the unbundling is now unconditional. AFPREFINV will distribute its entire shareholding in Alexander Forbes to preference shareholders in the entitlement ratio of 1.09485 Alexander Forbes ordinary share for every 1 (one) AFPREFINV preference share held on Friday, 19 September 2014 (the "record date").
Following the completion of the unbundling, preference shareholders as at the record date will have their preference shares redeemed on Monday, 22 September 2014 by way of a redemption payment of R0.07491 for every 1 (one) AFPREFINV preference share. The delisting will take place following the completion of the unbundling and the redemption. The listing of AFPREFINV will be terminated at the commencement of trading on Tuesday, 23 September 2014.
Salient dates and times
The salient dates and times applicable to the unbundling, the redemption and the delisting remain as set out below:
- Last day to trade in the preference shares in order to participate in the unbundling and redemption on Friday, 12 September 2014
- Preference shares suspended on JSE trading system on Monday, 15 September 2014
- Preference shareholders commence trading in the unbundled Alexander Forbes ordinary shares on the JSE on Monday, 15 September 2014
- Record date to participate in the unbundling and the redemption on Friday, 19 September 2014
- Certificated preference shareholders' preference share certificates to be received by the transfer secretaries together with a duly completed form of surrender on or before 12:00 (See Note 3) Friday, 19 September 2014
- Dematerialised shareholders will have their accounts with their CSDP or broker updated with the Alexander Forbes ordinary shares received pursuant to the unbundling and the receipt of cash pursuant to the redemption on Monday, 22 September 2014
- Share certificates in respect of Alexander Forbes ordinary shares will be posted, at the risk of the certificated preference shareholders concerned, and cash in respect of the redemption will be sent by electronic fund transfer or by cheque, to certificated preference shareholders on or about Monday, 22 September 2014
- Announcement of specified ratio in respect of the apportionment of the cost/base cost of Alexander Forbes for taxation/CGT purposes on or about Monday, 22 September 2014
- Termination of AFPREFINV listing at commencement of trading on Tuesday, 23 September 2014
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