ISB
ISB
ISB - Insimbi - Voluntary announcement -Insimbi Increases BEE shareholding
Insimbi Refractory and Alloy Supplies Limited
(Formerly Insimbi Alloy Supplies (Proprietary) Limited)
(Registration number 2002/029821/06)
JSE share code: ISB
ISIN Number: ZAE000116828
("Insimbi" or "the company")
INSIMBI INCREASES BEE SHAREHOLDING
AltX listed Insimbi today announced the sale of 15 million shares to Mayibuye
Capital (Pty) Ltd ("Mayibuye"), a 100% black owned company.
The sale will be facilitated through Insimbi`s five largest shareholders selling
a total of 15 million shares to Mayibuye at 80 cents per share. This will result
in 6.62% of the total issued share capital of Insimbi being held by Mayibuye,
taking into account Mayibuye`s existing 0.86% shareholding in the company,
acquired at Insimbi`s listing in March 2008.
The directors further displayed their positive outlook on the relationship with
Mayibuye by financing 33% of the transaction. The sale will be financed by the
directors over two years with payments in 3 tranches i.e. 67% of the amount
being paid on the transaction`s effective date and 16.5% of the amount being
paid on the first and second anniversaries of the effective date. The finance
provided by the vendors will be interest free.
Mayibuye has agreed to hold the shares for a minimum period of 5 years after the
transaction becomes effective, as it intends to be a long term shareholder in
the company.
Mayibuye is a niche corporate advisory consultancy that provides the services
required specifically by companies seeking growth through acquisitions and
private entities wishing to restructure their investment portfolio. Its services
combine traditional advisory work with transaction funding and post-deal
implementation expertise.
The founding partners, Godfrey Johnson and Brian Craig, are both ex-investment
bankers, experienced in local and international specialised and structured
finance. They bring to Insimbi a valuable understanding of Insimbi`s strategic
objectives.
5 February 2009
Wadeville
Designated Advisor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 05/02/2009 10:55:14 Produced by the JSE SENS Department.
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