| Tue 21 Apr 2009, 14:48 | | MKX - Milkworx - Finalisation information relating to the renounceable rights |
|
MKX
MKX
MKX - Milkworx - Finalisation information relating to the renounceable rights
offer
MILKWORX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011074/06)
Share code: MKX ISIN: ZAE000058020
("Milkworx" or "the company")
FINALISATION INFORMATION RELATING TO THE RENOUNCEABLE RIGHTS OFFER
1. Introduction
Shareholders are referred to the announcement released on SENS on 14 April
2009, in terms of which they were advised that the company intends to
proceed with an underwritten renounceable rights offer of 233 733 088 in
order to raise approximately R4 674 662.
Shareholders are advised that the conditions precedent to the
implementation of the rights offer, being the approval of the rights offer
circular by the JSE Limited and the registration of the rights offer
circular and letter of allocation by the Registrar of Companies, have now
been fulfilled and accordingly, shareholders registered in the register of
shareholders at the close of business on Friday, 8 May 2009 will be granted
the right to subscribe for new ordinary shares of 1 cent each ("rights
offer shares") at a subscription price of 2 cents per rights offer share
and in the ratio of one rights offer share for every four Milkworx shares
held ("the rights offer").
2. Purpose of the Rights Offer
The principle purpose of the rights offer is to provide Milkworx with
additional working capital which will enable it to expand its business
operations through, inter alia, the reduction of debt and the optimisation
of existing plant and equipment.
3. Underwriting
The rights offer has been fully underwritten by Inshare (Proprietary)
Limited and confirmation of funding has been provided to the JSE Limited
("the JSE"). The total cost of the underwriting is R233 733.
4. Excess applications for rights offer shares
All rights offer shares not taken up in terms of the rights offer will be
available for allocation to shareholders who wish to apply for a greater
number of rights offer shares than those offered to them in terms of the
rights offer. Accordingly, shareholders may also apply for additional
rights offer shares in excess of the rights offer shares allocated to that
shareholder in terms of the rights offer on the same terms and conditions
as those applicable to the rights offer entitlement.
The right to apply for additional rights offer shares is transferable on
renunciation.
An announcement will be published on SENS or about Monday, 1 June 2009, stating
the results of the rights offer and the basis of allocation of any additional
rights offer shares for which application is made.
5. Salient dates and times
Last day to trade in Milkworx shares in order Thursday, 30 April
to settle trades by the record date for the
rights offer and to qualify to participate in
the rights offer (cum entitlement) on
Monday, 4 May
Milkworx shares commence trading ex-rights on
the JSE at 09:00 on
Listing of and trading in the letters of Monday, 4 May
allocation commences at 09:00 on (5.34)
Record date for purposes of determining the Friday, 8 May
Milkworx shareholders entitled to participate
in the rights offer at the close of business
on
Form of instruction posted to shareholders on Monday, 11 May
Rights offer opens at 09:00 on Monday, 11 May
Holders of dematerialised Milkworx shares will Monday, 11 May
have their custody accounts at their CSDP or
broker automatically credited with their
letters of allocation on
Holders of certificated Milkworx shares will Monday, 11 May
have their letters of allocation credited to
an electronic register at the transfer
secretaries on
Last day for form of instruction to be lodged Friday, 22 May
with the transfer secretaries by holders of
certificated Milkworx shares wishing to sell
all or part of their entitlement by 12:00 on
Last day to trade (LDT) in letters of Friday, 22 May
allocation in order to settle trades by the
record date for the rights offer and
participate in the rights offer at the close
of business on
Listing and trading of rights offer shares Monday, 25 May
commences on the JSE at 09:00 on
Record date for letters of allocation on Friday, 29 May
Rights offer closes at 12:00 and payment to be Friday, 29 May
made and form of instruction lodged by holders
of certificated Milkworx shares with the
transfer secretaries by that time on (see note
2)
CSDP/broker accounts credited with rights Monday, 1 June
offer shares and debited with any payments due
in respect of holders of dematerialised rights
offer shares on
Rights offer shares certificates in terms of Monday, 1 June
the rights offer posted to holders of
certificated rights offer shares on or about
Results of rights offer announced on SENS on Monday, 1 June
Cheques refunding monies to certificated Wednesday, 3 June
shareholders in respect of unsuccessful
applications for additional rights offer
shares will be posted to such applicants, at
their risk, on or about
Notes:
All times referred to in the announcement are local times in South Africa.
Holders of dematerialised Milkworx shares are required to notify their CSDP or
broker of the action they wish to take in respect of the rights offer in the
manner and by the time stipulated in the agreement governing the relationship
between the Mikworx shareholder and his CSDP or broker.
Milkworx share certificates may not be dematerialised or rematerialised between
Monday, 4 May 2009 and Friday, 8 May 2009, both days inclusive.
CSDPs effect payment in respect of holders of dematerialised rights offer shares
on a delivery versus payment basis.
6. Circular to shareholders
A circular containing full details of the rights offer will be posted to
Milkworx shareholders on Monday, 11 May 2009.
7. Letters of Allocation
Letters of allocation may only be traded in dematerialised form and
accordingly, Milkworx will issue all letters of allocation in
dematerialised form. The electronic record of letters of allocation for
holders of certificated shares is being maintained by Computershare
Investor Services (Proprietary) Limited to afford holders of certificated
shares the same rights and opportunities as holders of dematerialised
shares.
8. Listing on the JSE
The JSE has granted listings for:
8.1 letters of allocation in respect of 233 733 088 rights offer shares
from the commencement of trade on Monday, 4 May 2009 to the close of
trade on Friday, 22 May 2009, both days inclusive, under share code:
MKXN, ISIN:ZAE000133930; and
8.2 233 733 088 rights offer shares from the commencement of trade on
Monday, 25 May 2009.
9. Foreign Restrictions
The rights offer is being made in accordance with the Companies Act, No. 61
of 1973 (as amended) and is only addressed to persons to whom it may be
lawfully made. By subscribing for any rights shares you will be deemed to
have represented and agreed that (a) you are not (and any person for whom
you are acting is not) (i) resident in any jurisdiction in which such offer
would be unlawful or (ii) a person to whom the rights offer may not
lawfully be made and (b) you have received all necessary information
required to make an informed investment decision.
Johannesburg
21 April 2009
Designated Advisor Corporate Advisor
Arcay Moela Sponsors Arcay Corporate Finance
(Proprietary) Limited (Proprietary) Limited
Date: 21/04/2009 14:48:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
