| Mon 26 Jan 2009, 17:30 | | ABK - African Brick - Results Of The Offer By Yakani Infraco To African Brick |
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ABK
ABK
ABK - African Brick - Results Of The Offer By Yakani Infraco To African Brick
Shareholders
AFRICAN BRICK CENTRE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/006214/06)
JSE Share code: ABK ISIN: ZAE000105169
("African Brick" or "the Company")
YAKANI INFRACO (PTY) LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/043429/07)
("Yakani Infraco")
RESULTS OF THE OFFER BY YAKANI INFRACO TO AFRICAN BRICK SHAREHOLDERS
1. INTRODUCTION
Shareholders are referred to the circular issued on Tuesday, 15 December 2008
regarding the offer by Yakani Infraco to acquire 51% of the entire issued share
capital of the Company at 28 cents per share ("the offer"), as well as the
revised salient dates and times announcement in respect of the offer which was
released on SENS on Wednesday, 17 December 2008 and in the press on Thursday, 18
December 2008. Shareholders are hereby advised that the offer closed at 12:00 on
Friday, 23 January 2009 and below are the acceptances received in respect of the
offer.
2. ACCEPTANCES OF THE OFFER
Acceptances of the offer up to its closing at 12:00 on Friday, 23 January 2009
were received in respect of 35 095 007 African Brick ordinary shares,
representing 11.24% of the aggregate number of African Brick ordinary shares in
issue ("offer shares"). In terms of the top-up undertakings given to Yakani
Infraco by the shareholders referred to below, the following number of shares
will be acquired by Yakani Infraco from them at the offer price of 28 cents per
share, in order to top-up to 51% its total holding of the issued ordinary share
capital of African Brick:
Shareholder Number of shares
Beno van Graan Family Trust 49 607 609
P J Gouws Family Trust 8 772 268
Bernard Reyneke Familie Trust 7 843 987
Total 66 223 864
Settlement of the offer shares will be effected today, Monday, 26 January 2009.
Following completion of the transactions arising from the top-up undertakings,
Yakani Infraco`s aggregate direct shareholding in African Brick after the
closing of the offer will be 159 241 360 African Brick ordinary shares,
representing 51% of the total issued ordinary share capital of African Brick.
Accordingly, this acquisition enables Yakani Infraco to realise its strategic
shareholding and has put it in a position to leverage its broad networks and
relationships in infrastructure spending.
Sandton
26 January 2009
Corporate and designated adviser to African Brick
PSG Capital (Pty) Limited
Independent adviser to African Brick
Moore Stephens (JHB) Corporate Finance
Attorneys to African Brick
Rossouws, Leslie Inc.
Corporate Adviser to Yakani Infraco
Deloitte & Touche Corporate Finance
Corporate Law Advisors to Yakani Infraco
Tabacks & Associates (Pty) Limited
Date: 26/01/2009 17:30:03 Produced by the JSE SENS Department.
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