| Wed 1 Oct 2008, 16:26 | | ABL / ABLP - ABIL - Update And Extension Of ABIL`s Second Black Economic |
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ABL ABLP
ABL
ABL / ABLP - ABIL - Update And Extension Of ABIL`s Second Black Economic
Empowerment ("BEE") Programme, Masonge Investment Holdings Ltd ("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")
UPDATE AND EXTENSION OF ABIL`S SECOND BLACK ECONOMIC EMPOWERMENT
("BEE")PROGRAMME, MASONGE INVESTMENT HOLDINGS LTD ("MASONGE")
The initial public offer to apply for shares in Masonge closed on 13 September
2008 and 9,300 applications were received, amounting to a total consideration of
R58 million. These initial applicants have all been successful and have had
their full application of shares allotted to them. The allocation process was
undertaken by an independent sub committee of the ABIL board comprised of ABIL
non-executive board members who were not entitled to participate in the BEE
programme.
As the initial offer was undersubscribed, ABIL has decided to extend the offer
to 28 November 2008. The extended offer is open to all categories of eligible
participants, ie. General Ellerines Employees, Black Ellerines Employees,
African Bank Black employees and directors, Eyomhlaba black shareholders, Nozala
black participants and individuals from the Black general public. The terms of
the extended offer are the same as the initial public offer.
Interested parties need to complete the application forms contained in the new
prospectus dated 20 September 2008, which can be obtained by going to
www.abil.co.za.
NEW ISSUE BY ABIL OF 11 557 109 ORDINARY SHARES TO MASONGE AND RESULTANT BEE
CHARGE TO HEADLINE EARNINGS
As part of the ABIL`s BEE programme, ABIL issued 11 557 109 ordinary shares to
Masonge on 30 September 2008 at an issue price of 2,5 cents per share. The total
consideration paid by Masonge for these shares was R288 928 while they had a
market value of R291 million calculated on the day`s closing price of R25,20
("the fair value"). These shares have been listed by the JSE Limited on 30
September 2008 which brings the total number of ABIL ordinary shares in issue to
804 175 200.
As previously communicated, the fair value of the shares issued by ABIL under
the second BEE programme will, in terms of IFRS 2-Share-based payments, be
expensed as a charge through the income statement for the year ended 30
September 2008. The corresponding credit will be to shareholder equity with the
result that there will be no effect on the net asset value of ABIL.
PURCHASE OF ABIL ORDINARY SHARES BY MASONGE AND CURRENT ABIL BEE SHAREHOLDING
Masonge has utilised the proceeds from the initial public offer and purchased
1,9 million ABIL ordinary shares through the market at an average price of
R26,12 per share. This brings the total number of ABIL ordinary shares owned by
Masonge at 30 September 2008 to 13,5 million which is equal to 1,67% of the
total issued ordinary shares of ABIL. The total holding by both Masonge and
Eyomhlaba of 48,8 million ABIL shares equate to an effective total BEE
shareholding of 6,1%.
ABIL directors` interest in Masonge
The following directors of ABIL have subscribed for and have been allotted
ordinary shares in Masonge;
Current effective Rand Indirect interest
holding in Masonge value in ABIL shares
invested (number)
Ashley Mabogoane 0,78% R300 000 105 300
- Non executive
chairman
Mpho Nkeli - non 0,87% R333 870 117 450
executive
Tami Sokutu - 5,21% R2 001 703 350
executive 000
The above calculations use the current number of Masonge shares allotted to
date, before taking into account any dilution that will result due to the
extension of the offer.
Midrand
1 October 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/10/2008 16:26:21 Produced by the JSE SENS Department.
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