| Thu 12 Nov 2009, 16:37 | | SOV - Sovereign - Sovereign Facility Tour And Shareholder Presentation |
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SOV
SOV
SOV - Sovereign - Sovereign Facility Tour And Shareholder Presentation
Sovereign Food Investments Limited
Incorporated in the Republic of South Africa
Registration number 1995/003990/06
JSE code: SOV
ISIN: ZAE000009221
("Sovereign" or "the Company")
SOVEREIGN FACILITY TOUR AND SHAREHOLDER PRESENTATION
Shareholders of Sovereign ("Shareholders") are referred to the announcements
released by the Company on Tuesday, 20 October 2009 and Thursday, 5 November
2009 regarding the implementation of the rights offer of 16 997 070 new
Sovereign ordinary shares to Shareholders ("Rights Offer").
The Company invites all Shareholders to attend a facility tour and shareholder
presentation at the Company`s registered office at 9 Kruis River Road,
Uitenhage, Eastern Cape, 6230 at 09h00 on Monday, 23 November 2009, being the
opening date of the Rights Offer. A circular containing the details of the
Rights Offer will be posted to shareholders on Monday, 23 November 2009 and the
circular will also be available on the Company`s website at
www.sovereignfoods.co.za ("Website"). The purpose of the facility tour and
shareholder presentation is to assist interested Shareholders with their
decision to follow their rights in terms of the Rights Offer.
Mike Davis, Chief Executive Officer, explained "We are keen to demonstrate to
our shareholders where and how we applied capital during the growth and
expansion phase and thereby allowing shareholders visibility and a first-hand
experience of our excellent facilities. Sovereign increased its production from
360 000 birds per week two and a half years ago to the current 850 000 birds per
week, representing a 136% increase."
Charles Davies, Chairman, said "The board believes it prudent to allow our
shareholders to visit Sovereign`s operations to gain a better understanding of
the origins of the debt that will now be reduced through the rights offer,
whilst granting them an opportunity to discuss the business directly with
management and to do so on site."
Sovereign successfully completed the bulk of its expansion programme that
commenced approximately three years ago. Most of the new assets have been
completed/installed and have already had a significant impact on the Company`s
production. The additional farming space has resulted in a volume increase of
47% during the 2009 financial year compared to the previous corresponding
period. The additions and renovations at the feedmill were completed in April
2009 and have enabled the Company to be more than self-sufficient in terms of
feed production. Additional work has also been done on the processing plant,
including a new high-capacity spiral freezer and two new production lines,
enabling the plant to effectively handle the additional volumes.
Shareholders attending the facility tour will visit the Company`s operations to
observe the results of the expansion drive implemented by the Company during the
last three years and the areas of the business targeted for future development
following the Rights Offer. A video clip will be available on the website for
those who cannot attend the facility tour in person.
The shareholder presentation on the Company`s operations will be presented by
Sovereign`s management team who will then make themselves available to answer
Shareholders` questions.
Shareholders unable to attend the shareholder presentation will be able to dial
in to the presentation remotely and a copy of the presentation will be made
available on the Website. Details of the conference call facility will be
provided on the Website and released on SENS on Friday, 20 November 2009.
To confirm your attendance of or obtain further information regarding the
facility tour and shareholder presentation, please visit the Website or contact
Tanya Peffer at tpeffer@sovfoods.co.za or on +27 41 995 1823.
The facility tour and shareholder presentation will contain no new material
information on current trading or future financial performance.
12 November 2009
Port Elizabeth
Corporate advisor and sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 12/11/2009 16:37:01 Produced by the JSE SENS Department.
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