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CNL
CNL
CNL - Control Instruments Group - Announcement Regarding Shares Purchased By
The Company
CONTROL INSTRUMENTS GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1964/003987/06)
Share Code: CNL
ISIN: ZAE000001665
("Control Instruments" or "the Company" or "the Group")
ANNOUNCEMENT REGARDING SHARES PURCHASED BY THE COMPANY
It was announced on SENS on 25 September 2008 that Control Instruments used
Dealstream to acquire approximately 23.0 million shares in the open market
and its total expenditure in respect of these shares is approximately
R10.4 million.
The purpose of this announcement is to clarify how these shares in Control
Instruments were purchased.
1. Repurchase of ordinary shares in terms of the general authority granted
to the Company
As announced on 4 and 20 February 2008 Control Instruments repurchased a
total of 12 838 811 shares through the order book operated by the JSE Limited
("JSE") trading system. Subsequent to these announcements, a further 549 989
shares were repurchased. No announcement was made in respect of these further
purchases as the rules and regulations of the JSE only require an
announcement when purchases represent 3% or more of the issued share capital
at the time of the granting of the general authority,
The repurchases were in terms of the general authority granted to Control
Instruments to repurchase its ordinary shares by a special resolution passed
by Control Instruments shareholders at the annual general meeting held on 19
June 2007.
2. Ordinary shares purchased for the benefit of the Company`s Share
Incentive Scheme
The 13 388 800 shares, repurchased in terms of point 1 above, were held as
treasury shares and the Group lodged them as collateral with Dealstream in an
account in the name of one of the Group`s subsidiaries. The Group then used
Dealstream to acquire the balance of approximately 9.6 million shares for the
benefit of the Control Instruments Share Incentive Scheme in respect of
options to be granted to certain identified employees.
3. Current situation
The current situation is not entirely clear yet. It appears that the majority
of the Control Instruments shares held by a CSDP have been or will be taken
up by one of Dealstream`s counterparties. Control Instruments has contacted
the counterparty with the aim of facilitating the orderly placing or
repurchasing of some or all of these Control Instruments shares.
Cape Town
1 October 2008
Sponsor
Investec Bank Limited
Date: 01/10/2008 16:17:02 Produced by the JSE SENS Department.
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implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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