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Holdsport - excess scheme cash allocation
Shareholders of Holdsport and Long4Life are referred to the Circular issued on Thursday, 31 August 2017, containing details of the firm intention by Long4Life to acquire the entire issued share capital of Holdsport, net of treasury shares and Holdsport shares registered in the name of and beneficially owned by Long4Life, through a scheme of arrangement.
The definitions and interpretations commencing on page 10 of the Circular have been used in this SENS announcement.
Excess Scheme Cash Allocation payable to Shareholders
As described in the Circular, Scheme Participants were entitled to elect to receive either:
- The Option A Scheme Consideration, being 12.10 Long4Life Shares per Scheme Share; or
- The Option B Scheme Consideration being 11.20 Long4Life Shares and R5.00 payable in cash per Scheme Share.
To the extent that certain Scheme Participants elected the Option A Scheme Consideration and not the Option B Scheme Consideration, those Scheme Participants who elected the Option B Scheme Consideration were afforded the opportunity to apply for Excess Scheme Cash.
Based on the elections received, Scheme Participants who elected the Option B Scheme Consideration and applied for Excess Scheme Cash (“Excess Cash Electing Shareholders”) will receive 10.20 Long4Life Shares and R10.00 payable in cash per Scheme Share. The Cash Component of the Scheme Consideration amounts to R181.6 million comprising of the cash payable to Scheme Participants who selected the Option B Scheme Consideration, plus the Excess Scheme Cash Allocation.
Excess Cash Electing Shareholders will be paid their Scheme Consideration on Wednesday, 8 November 2017 in line with the timetable set out in the finalisation announcement released on SENS on Wednesday, 18 October 2017.
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