ILA - Iliad Africa Limited - Further cautionary an
ILA
ILA
ILA - Iliad Africa Limited - Further cautionary announcement
Iliad Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/011938/06)
Share code: ILA & ISIN: ZAE000015038
("Iliad")
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released on the Securities Exchange
News Service on 8 June 2007 ("the first cautionary announcement") regarding a
request received by the board of directors of Iliad ("the board") to enter
into discussions which may lead to the making of an offer for the entire
issued ordinary share capital of Iliad ("the proposal"), shareholders of Iliad
are advised that the proposal contemplates the acquisition of the entire
issued ordinary share capital of Iliad by a consortium led by Absa Capital
Equity Investments, a division of Absa Bank Limited, at an indicative price of
2400 cents per Iliad ordinary share. The proposal also contemplates
shareholders receiving a dividend of 50 cents per Iliad ordinary share.
Neither the proposal itself nor this announcement constitutes a firm intention
to make an offer to shareholders of Iliad for the purposes of the Securities
Regulation Code on Take-overs and Mergers.
The indicative price of 2400 cents per Iliad ordinary share represents a 37%
premium to the 30-day volume weighted average share price of Iliad ordinary
shares on the JSE Limited on 7 June 2007, being the day prior to the date of
publication of the first cautionary announcement, and a 33% premium to the
closing share price of Iliad ordinary shares on the JSE Limited on 7 June
2007.
The board has established a sub-committee of independent directors to manage
the process relating to the proposal.
Accordingly, shareholders of Iliad are advised to continue exercising caution
when dealing in securities of Iliad until a further announcement is made.
Johannesburg
18 July 2007
Investment bank
Standard Bank
Corporate law advisor
Tabacks
Sponsor
Bridge Capital Advisors
Date: 18/07/2007 11:40:01 Produced by the JSE SENS Department.
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