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CAE
CAE
CAE - Cape Empowerment Trust - Notice to Shareholders; Detailed Cautionary; and
Results of General Meeting
CAPE EMPOWERMENT TRUST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
JSE Code: CAE
ISIN: ZAE000016952
("Cape Empowerment Trust" and "the company")
NOTICE TO SHAREHOLDERS AND DETAILED CAUTIONARY ANNOUNCEMENT
RESULTS OF GENERAL MEETING
1. Introduction
Shareholders of Cape Empowerment Trust are advised that Cape Empowerment Trust
has informed the board of directors of Sancino Projects Limited
("Sancino"), on 16 April 2007, of its firm intention to make an offer
to all the shareholders of Sancino, to acquire from them the entire
issued share capital of Sancino ("the Offer").
The purpose of this announcement is to inform the shareholders of Cape
Empowerment Trust of the principal terms and conditions of the Offer.
2. Rationale for the Offer
The Offer forms part of Cape Empowerment Trust`s stated objective to increase
its
stake in certain strategic investments. Cape Empowerment Trust
currently holds 2,185,242 Sancino shares, representing a 28.26%
interest in Sancino. Sancino holds an 11% shareholding in Grand
Parade Investments Limited, a Western-Cape based broad-based BEE
company, which holds a shareholding of 19.3% in Sunwest International
(Proprietary) Limited (which owns the Grandwest Casino in the Cape
Metropole as well as the Table Bay Hotel in the V&A Waterfront), a 25%
interest in Thuo Gaming, operating as GrandSlots, and a 38% interest
in the Worcester Casino, the new gaming complex near Worcester in the
Breede River Valley.
3. Terms of the Offer
3.1 Subject to the conditions precedent in paragraph 4 below, Cape
Empowerment Trust has offered to acquire all or part of the shares in
Sancino for a consideration of 7 ordinary shares in the issued share
capital of Cape Empowerment Trust for every 1 Sancino share held.
There is no alternative cash offer.
3.2 All Sancino shareholders shall be treated equally and receive equal
consideration in respect of each Sancino share in respect of which the
Offer is accepted.
3.3 Dynamic Cables RSA Limited, a company in which Cape Empowerment trust
holds 39.94% of the issued ordinary share capital , currently owns 1
133 718 Sancino shares, representing a 14.66% interest in Sancino.
4. Conditions precedent
The Offer shall be subject to the receipt of all necessary regulatory approvals
and compliance with all the necessary regulatory requirements for the
implementation of the Offer, including approvals from the JSE Limited
and the Securities Regulation Panel.
5. An offer document to Sancino shareholders will be posted within 30
(thirty) days from the date of the announcement by Sancino in relation
to the offer.
6. Shareholders are advised to exercise caution in dealing with CET
shares until further announcements are made in relation to the offer
referred to above.
7. Results of general meeting - increase of authorised share capital and
general authority to issue shares for cash
Shareholders are further advised that all the special and ordinary resolutions
proposed at the general meeting of shareholders held on 4 May 2007
were approved by the requisite majority of shareholders, that the
company`s authorised share capital will therefore be increased to 2
000 000 000 ordinary CET shares and that the directors were given a
general authority to allot and issue shares in the capital of the
company for cash, subject to the provisions of the Companies Act, 1973
(Act 61 of 1973), as amended and the Listings Requirements of the JSE
Limited.
Cape Town
7 May 2007
Corporate Advisor and Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Legal Advisor
Hofmeyr Herbstein Gihwala Inc.
Date: 07/05/2007 11:00:51 Produced by the JSE SENS Department.
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