| Fri 24 Oct 2008, 10:01 | | CBN013 - Sterling Waterford CCN SPV 4 - Update With Regard To Initial Offer Of |
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JSE
CBN013
CBN013 - Sterling Waterford CCN SPV 4 - Update With Regard To Initial Offer Of
Carbon Credit Notes To Be Issued By The Issuer And To Be Listed On The Jse
STERLING WATERFORD CCN SPV 4
(the "Issuer")
CARBON CREDIT NOTES
Share code: CBN013
ISIN code: MU0249S00005
UPDATE WITH REGARD TO INITIAL OFFER OF CARBON CREDIT NOTES TO BE ISSUED BY THE
ISSUER AND TO BE LISTED UNDER THE ABBREVIATED NAME "SWCCN" AS ASSET BACKED
SECURITIES IN THE INVESTMENT PRODUCT SECTOR ON THE JSE ("the Offer")
Investors are referred to the announcements dated 1 October 2008 and
10 September 2008 and to the offering circular issued on 27 August 2008.
Following the closing of the Offer at 12h00 on Tuesday, 21 October 2008,
Sterling Waterford Securities (Proprietary) Limited, the manager of the Carbon
Credit Notes (the "Manager"), has decided to vary the terms of the Offer as
follows:
- with reference to the substantial weakening of the Rand as against the Euro
in recent weeks and in accordance with the initial expectation of investors
with regard to the Rand subscription amount for a Carbon Credit Note, the
Subscription Price per Carbon Credit Note has been reduced from Euro15,00
to Euro13,00 (and consequently the Subscription Refund Amount has been
similarly reduced);
- The Manager has received subscriptions for and will list approximately 300
000 Carbon Credit Notes. In this regard Investors are advised that the
Hedging Counterparty has waived the condition in the Hedging Agreement that
required at least 800 000 Carbon Credit Notes be listed and the minimum
subscription under the Offer has been reduced accordingly.
The listing of the Carbon Credit Notes will proceed in accordance with the
previously announced timetable as follows:
Announcement of results of the Offer Tuesday, 28 October 2008
released on SENS
Announcement of results of the offer Wednesday, 29 October 2008
released in the press
Listing date Friday, 31 October 2008
The above dates and times are South African and are subject to change. Any
change will be announced on SENS and published in the press.
Any queries in regard to the content of this announcement should be directed to
Gregor Patterson-Jones of the Manager, on (021) 674 6592 or
gregpj@sterlingwaterford.com (e-mail).
Cape Town
22 October 2008
Manager
Sterling Waterford Securities (Proprietary) Limited
Attorneys
Webber Wentzel
Trustee
ABC Global Management Services
Sponsor
Java Capital (Proprietary) Limited
Date: 24/10/2008 10:01:10 Produced by the JSE SENS Department.
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