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HCI JNC
HCI JNC
HCI - JNC - Hosken Consolidated Investments / Johnnic - Results Of The Offer
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)
("HCI")
JOHNNIC HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1889/000429/06)
(Share code: JNC & ISIN: ZAE000024352)
("Johnnic")
Results of the offer by the wholly-owned subsidiary of HCI, Mercanto
Investments (Proprietary) Limited ("Mercanto") to acquire all the Johnnic
shares that HCI and its subsidiaries (the "HCI group") do not already own (the
"offer")
Johnnic shareholders are referred to the offer circular posted to Johnnic
shareholders on Monday, 21 July 2008 (the "offer circular").
At 12:00 on Friday, 15 August 2008, the closing date of the offer, Mercanto
had received acceptances from Johnnic shareholders in respect of 52 770 143
Johnnic shares equating to 96.16% of the Johnnic shares in issue, other than
those already held by the HCI group prior to the opening of the offer.
Johnnic shareholders are referred to the announcement released on the
Securities Exchange News Service of the JSE Limited ("JSE") on Wednesday, 23
July 2008 and published in the press on Thursday, 24 July 2008, informing
Johnnic shareholders that Mercanto will exercise its entitlement to
compulsorily acquire the remaining Johnnic shares that the HCI group does not
own or has not acquired in terms of the offer ("the remaining Johnnic shares")
in terms of section 440K of the Companies Act, No. 61 of 1973, as amended (the
"Companies Act"). The Companies Act allows Mercanto to compulsorily acquire
the remaining Johnnic shares once it has received acceptances by holders of
not less than nine-tenths of Johnnic shares in issue, other than those already
held by the HCI group in terms of the offer.
Johnnic shareholders are referred to the circular incorporating a notice in
terms of section 440K of the Companies Act which was posted to Johnnic
shareholders on Monday, 4 August 2008 (the "440K circular").
The listing of Johnnic shares on the JSE will be terminated with effect from
the commencement of trade on the JSE on Thursday, 25 September 2008, unless an
application is made to the High Court of South Africa (the "Court") to prevent
the compulsory acquisition of the remaining Johnnic shares and the Court
orders that Mercanto shall not be entitled to invoke the compulsory
acquisition of the remaining Johnnic shares or the Court imposes conditions or
terms which are different from those in the offer circular read together with
the 440K circular.
18 August 2008
Cape Town
Investment bank and sponsor to HCI and Johnnic
Investec Bank Limited
(Registration number 1969/004763/06)
Legal advisor to HCI
Edward Nathan & Sonnenbergs Inc.
(Registration number 2006/018200/21)
Legal advisor to Johnnic
Webber Wentzel
Date: 18/08/2008 14:02:01 Produced by the JSE SENS Department.
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