| Tue 28 Apr 2009, 16:55 | | BWK - Buildworks - Lapse Of Entitlement |
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BWK
BWK
BWK - Buildworks - Lapse Of Entitlement
Buildworks Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
Share Code: BWK & ISIN: ZAE000110219
("Buildworks" or "the Company")
LAPSE OF ENTITLEMENT
Shareholders are referred to the announcement dated 25 February 2009 in which
Buildworks advised that PAIP II (Buildworks) Limited ("PAIP II"), secured the
entitlement to subscribe, by no later than 25 April 2009, for up to an
additional 77,469,286 new Buildworks shares at an issue price of 70c
("Additional Subscription"), in accordance with the subscription agreement
entered into between PAIP II and the Company dated 19 February 2009.
PAIP II has elected to allow its entitlement in terms of the Additional
Subscription to lapse, as a result of the final closing of the PAIP II fund now
scheduled to fall outside the Additional Subscription period. It was PAIP II`s
intention to make the Additional Subscription concurrently with the PAIP II fund
final closing.
PAIP II, a Mauritius-based special purpose vehicle wholly owned by Pan-African
Investment Partners II Ltd, a private equity fund managed by Kingdom Zephyr
Africa Management, remains committed to and is a material shareholder of
Buildworks with a R196 million investment, representing a 29.6% interest in the
issued ordinary share capital of the Company.
Investec Bank Limited
Transactional Sponsor
Java Capital (Proprietary) Limited
Designated Advisor
28 April 2009
Date: 28/04/2009 16:55:06 Produced by the JSE SENS Department.
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