AIP - Adcock Ingram - Placing of 10 326 758 ordinary shares of Adcock Ingram
AIP
AIP
AIP - Adcock Ingram - Placing of 10 326 758 ordinary shares of Adcock Ingram
Adcock Ingram Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 2007/016236/06
Share code: AIP
ISIN: ZAE000123436
("Adcock Ingram" or "the Company")
Placing of 10 326 758 ordinary shares of Adcock Ingram
Shareholders are referred to the SENS announcement released earlier today by
Tiger Brands Limited ("Tiger Brands"), which advised that Tiger Brands was
launching an accelerated bookbuild placing of 10 326 758 ordinary shares of
Adcock Ingram to international and South African institutional investors.
Pursuant to the unbundling of Adcock Ingram by Tiger Brands, effective from 1
September 2008, Tiger Consumer Brands Limited ("TCB"), a wholly-owned
subsidiary of Tiger Brands, acquired 8 589 328 Adcock Ingram ordinary shares
("the legacy shares") as a consequence of TCB holding Tiger Brands ordinary
shares as treasury shares. In terms of the unbundling agreement between
Adcock Ingram and Tiger Brands dated 17 July 2008, and as mentioned in the
Adcock Ingram Pre-Listing Statement dated 24 July 2008, Adcock Ingram has a
pre-emptive right over the legacy shares ("pre-emptive right").
Adcock Ingram confirms that it was approached by Tiger Brands in regard to its
pre-emptive right prior to Tiger Brands embarking on the accelerated
bookbuild. Having carefully considered the price at which Tiger Brands
offered the legacy shares to Adcock Ingram, and taking into account the
Company`s stated strategic imperatives, Adcock Ingram decided not to exercise
the pre-emptive right as it would not be an optimal allocation of Adcock
Ingram`s capital at this time.
22 September 2009
Midrand
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Attorneys
Read Hope Phillips Attorneys
Date: 22/09/2009 16:19:01 Produced by the JSE SENS Department.
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