| Mon 26 Jan 2009, 9:23 | | BIO - Bioscience Brands - Results Of Rights Offer |
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BIO
BIO
BIO - Bioscience Brands - Results Of Rights Offer
BIOSCIENCE BRANDS LIMITED
(Formerly Wellco Health Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2005/005805/06)
("BioScience Brands" or "the company")
ISIN Code: ZAE000115036 Share code: BIO
RESULTS OF RIGHTS OFFER
The directors of BioScience Brands are pleased to present the results of the
renounceable rights offer to BioScience Brands shareholders ("the rights offer")
of 7 058 091 808 new BioScience Brands shares ("rights shares") at an issue
price of 3.5 cents per share, which rights offer closed on Friday, 23 January
2009.
Shareholders are reminded that irrevocable undertakings not to follow rights
were secured from shareholders holding 6 148 888 928 shares, resulting in a net
rights offer of 909 202 880 rights shares. The intention of the original
restructure, recapitalisation and injection of assets during 2008 was that only
the former `Wellco Health Limited` shareholders would be entitled to participate
in the rights offer. Accordingly only this portion of the rights offer was
underwritten in the amount of R12 891 716.00, in order to limit the dilution to
shareholders. In addition, Fluxrab Investments (Proprietary) Limited undertook
to settle the obligation of R4 000 000 to Mark Strydom, a director of BioScience
Brands, through the transfer of 114 285 714 shares at 3.5 cents each, further
reducing dilution to shareholders. Accordingly, the results of the rights offer
is set out below:
BioScience shareholders and/or their renounces subscribed for 28 296 433 rights
shares (including excess applications for 3 961 010 rights shares), amounting to
R909 375.15, Mr J Black, a director of BioScience Brands took up 28 571 429
rights shares amounting to R1 000 000 in terms of an irrevocable undertaking and
the underwriters took up 340 038 310 rights shares amounting to R11 901 340.85
The total number of new shares to be issued and listed will be 396 906 171
shares.
Johannesburg
26 January 2009
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 26/01/2009 09:23:24 Produced by the JSE SENS Department.
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