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Racec -- finalisation announcement
RACEC ordinary shareholders ("RACEC Shareholders") are referred to the joint announcement by RACEC and Grindrod Holdings (South Africa) Pty Ltd (Grindrod Holdings) released on SENS on 18 July 2013 and published in the South African press on 19 July 2013 regarding the terms on which Grindrod Holdings has made an offer to acquire the entire issued ordinary share capital of RACEC (RACEC Shares), other than 45 472 509 (forty five million four hundred and seventy two thousand five hundred and nine) of the RACEC Shares held by Solethu Civils, being 135 692 865 (one hundred and thirty five million six hundred and ninety two thousand eight hundred and sixty five) RACEC Shares (Scheme Shares), by way of a scheme of arrangement (Scheme) to be proposed by the RACEC Board between RACEC and the holders of the Scheme Shares (RACEC Shareholders), in terms of section 114(1)(c) of the Companies Act, No 71 of 2008, as amended (the Companies Act), and to the RACEC circular dated 16 August 2013 ("the Circular").
RACEC Shareholders are advised that, following receipt from the Takeover Regulation Panel ("Panel") of a compliance certificate in terms of section 119(4)(b) of the Companies Act in respect of the Scheme on 6 August 2013 and receipt from the Competition Tribunal of approval for the implementation of the Scheme on 15 October 2013, all outstanding conditions precedent to the Scheme have now been fulfilled.
Accordingly, RACEC Shareholders are advised that the salient dates which were set out in the Circular, have been amended by mutual agreement between RACEC and Grindrod Holdings (with the approval of JSE and the Panel) as follows:
- Expected Scheme LDT, being the last day to trade RACEC Shares on the JSE in order to be recorded in the Register to receive the Scheme Consideration, on Friday, 25 October 2013
- Suspension of listing of RACEC Shares on the JSE expected to take place at the commencement of trade on Monday, 28 October 2013
- Expected Scheme Consideration Record Date, being the date on which Scheme Participants must be recorded in the Register to receive the Scheme Consideration, by close of trade on Friday, 1 November 2013
- Expected Operative Date of the Scheme on Monday, 4 November 2013
- Scheme Consideration expected to be paid/posted to certificated Scheme Participants (provided their form of acceptance, surrender and transfer (blue) and Documents of Title are received on or prior to 12:00 on the Scheme Consideration Record Date) on or about Monday, 4 November 2013
- Dematerialised Scheme Participants expected to have their accounts (held at their CSDP or broker) credited with the Scheme Consideration on or about Monday, 4 November 2013
- Termination of listing of RACEC Shares on the JSE expected to take place at the commencement of trade on or about Tuesday, 5 November 2013
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