MVG/MVGP - Mvelaphanda Group - Batho Bonke consortium transaction
MVG MVGP
MVG
MVG/MVGP - Mvelaphanda Group - Batho Bonke consortium transaction
MVELAPHANDA GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1995/004153/06
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share: ISIN: ZAE000060737
Preference share: ISIN: ZAE000073540
("Mvela Group" or "the company")
BATHO BONKE CONSORTIUM TRANSACTION
Following the announcement released by Mvela Group on 2 June 2009, shareholders
are referred to the announcement released by Absa Group Limited ("Absa") on SENS
today with regards to the Batho Bonke Consortium transaction. Mvela Group has a
44.7% effective interest in Batho Bonke.
Absa`s announcement is set out below -
"Batho Bonke, Absa`s Black Economic Empowerment partner, successfully raises
third-party funding
On 2 June 2009 Absa advised that it had provided a back-up funding facility to
Batho Bonke Capital (Proprietary) Limited (Batho Bonke) in order to facilitate
the option exercise by Batho Bonke into 36 649 300 Absa ordinary shares.
Shareholders are advised that Batho Bonke has successfully concluded and raised
third-party funding of R1 685,6 million from a consortium of financial
institutions, thereby allowing Batho Bonke to finance its purchase of 36,649,300
Absa ordinary shares by replacing the Absa back up facility from 1 September
2009. All conditions precedent have been fulfilled.
The raising of third-party funding will result in Batho Bonke having a
beneficial shareholding of 5,1% in Absa."
Sandton
28 August 2009
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 28/08/2009 13:05:14 Produced by the JSE SENS Department.
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