| Fri 1 Aug 2008, 16:01 | | ABL - African Bank Investments Limited - Launch of the second ABIL Black |
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ABL ABLP
ABL
ABL - African Bank Investments Limited - Launch of the second ABIL Black
Economic Empowerment ("BEE") Programme - Masonge
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code : ABL ISIN : ZAE000030060
Preference share code : ABLP ISIN : ZAE000065215
("ABIL")
LAUNCH OF THE SECOND ABIL BLACK ECONOMIC EMPOWERMENT ("BEE") PROGRAMME -
MASONGE.
ABIL is pleased to announce the launch of its second BEE programme following the
acquisition of Ellerine Holdings Limited in January 2008. A special purpose
company, Masonge Investment Holdings Limited ("Masonge") has been incorporated
as a public company, which will subscribe for 11 557 109 million ABIL ordinary
shares at an issue price of 2,5 cents each. The value of these shares
approximates R281 million, which value is based on the 30-day volume weighted
ABIL ordinary share price of R24,37 on 24 July 2008. Masonge will initially
acquire a 1,4% shareholding in ABIL which, when added to ABIL`s first BEE
programme - Eyomhlaba, will bring the current BEE holding in ABIL to 5,8%. It is
ABILs stated objective that the BEE programmes achieve an unencumbered
shareholding of 10% by 2015.
The Masonge capital raising will commence on Wednesday 6 August 2008 and is
designed to be a broad based scheme, consisting of the following categories of
eligible participants;
- Qualifying Ellerines staff,
- Black ABIL staff,
- Black Eyomhlaba shareholders,
- Individual black members of the Nozala Group, and
- Members from the general public who are black.
These participants will receive a discount to the underlying asset value ranging
from 80% for Ellerines staff to 30% for members of the general public. In
determining the applicable discount for each category, the proximity principle
has been applied, ie. the closer the individual is to Ellerines, the greater the
discount.
The prospectus will be available to all interested black persons and can be
obtained by calling 0860 225 233 or by accessing the ABIL website at
www.abil.co.za for your nearest distribution office and venue where
presentations will be held.
The salient dates and times in respect of the Masonge capital raising are:
- The opening date of the offer and date from which a prospectus is made
available is 9:00 on Wednesday 6 August 2008, and
- The closing date when application forms to subscribe for shares are to be
received will be 14:00 on Saturday 13 September 2008.
As certain of ABIL`s directors may subscribe for shares in Masonge by virtue
of falling into the category of eligible participants identified above,
the proposed specific issue of shares for cash is deemed a related party
transaction in terms of Section 10.1 of the JSE Limited ("JSE") Listings
Requirements. Furthermore, as the shares will be issued to Masonge at a
discount to the 30-day volume weighted ABIL ordinary share price on 24 July
2008, a fairness opinion is required from an independent expert acceptable to
the JSE in terms of Section 5.51(f) of the JSE Listings Requirements. The board
of directors of ABIL has been advised by Deloitte & Touche Corporate Finance
that the terms and conditions of the transaction are fair to ABIL shareholders
and their report is available for inspection at the registered office of ABIL
for a period of 28 days from this announcement.
Midrand
1 August 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/08/2008 16:01:01 Produced by the JSE SENS Department.
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