| Wed 17 Sep 2008, 17:13 | | HCI / JNC - Hosken Consolidated Investments /Johnnic - Compulsory Acquisition |
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HCI JNC
HCI JNC
HCI / JNC - Hosken Consolidated Investments /Johnnic - Compulsory Acquisition
Hosken Consolidated Investments Limited
(Registration number: 1973/007111/06)
(Incorporated in the Republic of South Africa)
(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")
COMPULSORY ACQUISITION BY THE WHOLLY-OWNED SUBSIDIARY OF HCI, MERCANTO
INVESTMENTS (PROPIETARY) LIMITED ("MERCANTO") OF THE REMAINING JOHNNIC SHARES
THAT HCI AND ITS SUBSIDIARIES ("THE HCI GROUP") DO NOT ALREADY OWN AND THE
DELISTING OF JOHNNIC FROM THE JSE LIMITED ("JSE")
1. Compulsory acquisition and payment of consideration
Further to the circular posted to Johnnic shareholders on Monday, 4 August
2008 ("440K circular") and the announcement released on the Securities
Exchange News Service of the JSE on Monday, 18 August 2008 and published in
the press on Tuesday, 19 August 2008, Mercanto confirms that it will, in
terms of section 440K(I) of the Companies Act No 61 of 1973, as amended,
compulsorily acquire the remaining Johnnic shares that the HCI Group do not
already own ("Johnnic remaining shareholders") with effect from the
commencement of trade on the JSE on Tuesday, 16 September 2008, for the
cash consideration of R16.75 per Johnnic share.
2. Termination of the listing of Johnnic shares on the JSE
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.
3. Process for payment to the remaining Johnnic shareholders
The Johnnic remaining shareholders shares will be compulsorily acquired by
Mercanto as more fully set out in the 440K circular.
The Johnnic remaining shareholders who are dematerialised Johnnic
shareholders will have their accounts with their Central Securities
Depository Participant ("CSDP") credited with the cash consideration of
R16.75 per Johnnic share, as more fully set out in the 440K circular. The
offer consideration payable to the remaining Johnnic shareholders who are
certificated Johnnic shareholders will be paid by cheque which will be sent
by registered post to their addresses as reflected in the Johnnic share
register at the risk of the Johnnic shareholder concerned, within seven
calendar days of Tuesday, 16 September 2008, and not as stipulated in the
440K circular.
Cape Town
Wednesday, 17 September 2008
Investment bank to Legal advisor to Sponsor to HCI
HCI and Johnnic HCI and Johnnic
Investec Corporate Edward Nathan Investec Bank
Finance Sonnenbergs Limited
Legal Advisor to
Johnnic
Webber Wentzel
Date: 17/09/2008 17:13:35 Produced by the JSE SENS Department.
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