| Tue 25 Sep 2007, 17:10 | | CAE - Cape Empowerment Trust - Results of offer to |
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CAE
CAE
CAE - Cape Empowerment Trust - Results of offer to shareholders of SANCINO
projects limited
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")
RESULTS OF OFFER TO SHAREHOLDERS OF SANCINO PROJECTS LIMITED ("SANCINO")
Shareholders of Cape Empowerment Trust are referred to the offer to
shareholders of Sancino to acquire their Sancino shares for a consideration of
7 Cape Empowerment Trust shares for every 1 Sancino share, set out in the
circular to Sancino shareholders dated 30 May 2007 ("the offer") and the
subsequent extension of the offer to 19 September 2007. The offer closed at
close of business on 19 September 2007.
Sancino shareholders holding 622 578 (8.05%) Sancino shares as well as Dynamic
Cables RSA Limited ("Dynamic Cables"), a deemed concert party of Cape
Empowerment Trust, who holds 1 134 002 (14.66%) Sancino shares, have accepted
the offer. The total number of Sancino shares for which acceptances of the
offer have been received amounts to 1 756 580 (22.71%). As Dynamic Cables is
listed on the JSE Limited ("JSE") its acceptance is subject to compliance with
the JSE`s Listings Requirements.
Cape Empowerment Trust held 2 185 242 (28.26%) of the issued shares in Sancino
prior to the offer. Following the successful conclusion of the offer Cape
Empowerment Trust will hold 3 941 822 (50.97%) Sancino shares, giving it
control over Sancino.
Sancino currently holds the largest single shareholding, namely 11%, in Grand
Parade Investments Limited ("GPI"), the Western-Cape based broad-based BEE
company, which holds a shareholding of 19.3% in Sunwest International
(Proprietary) Limited ("Sunwest") (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. GPI has recently announced that it is increasing its stake in Sunwest
to 30%.
Cape Empowerment Trust shares will be issued and allotted to Sancino
shareholders who have accepted the offer on or about Wednesday, 26 September
2007.
Cape Town
25 September 2007
Corporate Advisor and Sponsor
Sasfin Capital
(a division of Sasfin Bank Ltd)
Legal Advisor
Hofmeyr Herbstein Gihwala Inc.
Date: 25/09/2007 17:10:01 Produced by the JSE SENS Department.
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