| Thu 5 Nov 2009, 17:30 | | SOV - Sovereign - Finalisation announcement regarding the rights offer of 16 997 |
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SOV
SOV
SOV - Sovereign - Finalisation announcement regarding the rights offer of 16 997
070 Sovereign ordinary shares
Sovereign Food Investments Limited
Incorporated in the Republic of South Africa
Registration number 1995/003990/06
JSE code: SOV
ISIN: ZAE000009221
JSE code for Letters of Allocation: SOVN
ISIN for Letters of Allocation: ZAE000142279
("Sovereign" or "the Company")
FINALISATION ANNOUNCEMENT REGARDING THE RIGHTS OFFER OF 16 997 070 SOVEREIGN
ORDINARY SHARES ("RIGHTS OFFER")
1. INTRODUCTION
Further to the announcements published by the Company on SENS on Tuesday,
20 October 2009 and Thursday, 29 October 2009 in which Sovereign
shareholders ("Shareholders") were advised of Sovereign`s intention to
raise R144.5 million, before expenses, through the issue of 16 997 070 new
Sovereign ordinary shares ("Rights Offer Shares"), at a price of 850 cents
per share in the ratio of 51.5017 Rights Offer Shares for every 100
Sovereign shares held, Shareholders are advised that the following
suspensive conditions have been fulfilled:
* the entire authorised, unissued share capital of the Company has been
placed under the control of the directors of Sovereign;
* the listing of the Rights Offer Shares to be allotted and issued
pursuant to the Rights Offer has been granted by the JSE Limited
("JSE");
* the listing of the renounceable (nil paid) letters of allocation
("LA`s") in respect of the Rights Offer has been granted by the JSE;
and
* the Rights Offer and implementation thereof has been approved by
CIPRO.
As a result the Rights Offer is now unconditional, and will be implemented
from today in accordance with the timetable set out in paragraph 2 below.
2. SALIENT DATES AND TIMES
The salient dates and times which are applicable to the Rights Offer are
set out below:
2009
Last day to trade in Sovereign shares in order
to settle by the record date to qualify to Friday, 13
participate in the Rights Offer (cum November
entitlement)
Listing of LA`s on the JSE commences at Monday, 16
commencement of trading November
Shares commence trading ex-rights on the JSE at Monday, 16
commencement of trading November
Record date for participation in the Rights Friday, 20
Offer at the close of business November
Rights Offer circular and, where applicable, a
form of instruction posted to Shareholders Monday, 23
November
Rights Offer opens at commencement of trading Monday, 23
November
Dematerialised Shareholders will have their
accounts at their central securities depository
participant ("CSDP") or broker automatically Monday, 23
credited with their entitlement November
Certificated Shareholders on the register will
have their entitlement credited
to an account held with the Company`s transfer Monday, 23
secretaries November
Last day to trade in LA`s on the JSE Friday, 4
December
Listing of Rights Offer Shares and trading
therein commences at commencement of trading Monday, 7
December
Rights Offer closes at 12:00 - payments to be
made and Form of Instruction in respect of LA`s Friday, 11
lodged by certificated Shareholders by 12:00 December
Record date for LA`s on Friday, 11
December
Dematerialised Shareholders` accounts will be
updated with entitlements and debited with
money by their CSDP or broker and certificates Monday, 14
posted to certificated Shareholders December
Results of Rights Offer released on SENS Monday, 14
December
Results of Rights Offer published in the press Tuesday, 15
December
Notes:
(i) All times referred to above are South African times.
(ii) No share certificates may be dematerialised or rematerialised between
Monday, 16 November and Friday, 20 November, both days inclusive.
(ii) Dematerialised Shareholders are required to notify their duly
appointed CSDP or broker of their acceptance of the Rights Offer in
the manner and time stipulated in the agreement governing the
relationship between the Shareholder and his/her CSDP or broker.
(iv) The CSDP or broker accounts of dematerialised Shareholders will be
automatically credited with Rights Offer Shares to the extent to which
they have accepted the Rights Offer. Sovereign share certificates will
be posted, by registered post at the Shareholder`s risk, to
certificated Shareholders in respect of the Rights Offer Shares which
have been accepted.
(v) CSDPs effect payment in respect of dematerialised Shareholders on a
delivery versus payment basis.
(vi) The LA`s will trade under the JSE code: SOVN (long name: SOVFOOD NPL)
and have been allocated an ISIN number of ZAE000142279.
3. CIRCULAR
The circular setting out the detailed terms of the Rights Offer will be
posted on Monday, 23 November 2009 to shareholders recorded as such in the
register on Friday, 20 November 2009.
5 November 2009
Port Elizabeth
Corporate advisor and sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 05/11/2009 17:30:42 Produced by the JSE SENS Department.
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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,
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