| Mon 30 Nov 2009, 12:11 | | ERB - Erbacon Investment - Fulfilment of all remaining suspensive conditions |
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ERB
ERB
ERB - Erbacon Investment - Fulfilment of all remaining suspensive conditions
in respect of the acquisition and payment of erbacon interim dividend
Erbacon Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Formerly Friedshelf 884 Limited) (Registration number: 2007/014490/06)
Share code: ERB
ISIN: ZAE000111571
("Erbacon" or "the company")
FULFILMENT OF ALL REMAINING SUSPENSIVE CONDITIONS IN RESPECT OF THE
ACQUISITION BY ERBACON OF CIVCONTRACT CIVILS (PTY) LIMITED ("CIVCON") AND THE
SUBSCRIPTION BY MEDU CAPITAL (PTY) LIMITED OF PREFERENCE SHARES IN ERBACON
("THE TRANSACTION") AND PAYMENT OF ERBACON INTERIM DIVIDEND
1. FINALISATION OF TRANSACTION
1.1 Shareholders are referred to the announcement on SENS on 22 September
2009, 28 October 2009 and 19 November 2009 regarding the transaction and
are hereby advised that all remaining suspensive conditions in respect of
all the agreements entered into between Erbacon, Civcon and Medu Capital
(Pty) Limited, on behalf of its funds under management, ("Medu Capital")
have now been fulfilled. Accordingly, the subscription by Medu Capital
of preference shares in Erbacon and the acquisition by Erbacon of Civcon
are now unconditional in all respects.
1.2 Erbacon shall, on or about 15 December 2009, issue and allot 67 410 000
convertible, redeemable and participating preference shares to Medu
Capital, which shares shall be unlisted, in exchange for a cash
consideration of R 113 248 800.
1.3 Initial payment of the purchase consideration in respect of the Civcon
acquisition will be settled by the payment of R 95 418 260 in cash and by
the issue and allotment of 25 020 876 Erbacon ordinary shares to the
Civcon vendors, details of which are set out in prior announcements on
SENS, on 29 December 2009, such date being the effective date of the
Civcon acquisiton. Civcon vendors will have their accounts with their
Central Security Depository Participants ("CSDPs") or brokers credited on
or about 29 December 2009 in exchange for the delivery of the Civcon
shares and claims to Erbacon on such date.
2. PAYMENT OF INTERIM DIVIDEND
Shareholders are hereby advised that all suspensive conditions in respect
of the interim dividend of 21.93 cents per share declared by Erbacon
directors on 28 October 2009 have been fulfilled. As such an interim
dividend of 21.93 cents per share is payable to Erbacon ordinary
shareholders in terms of the timetable as set out below:
Last day to trade to qualify for Thursday, 10 December 2009
Erbacon interim dividend
Erbacon ordinary shares trade ex- Friday, 11 December 2009
dividend
Record date to be entitled to Friday, 18 December 2009
Erbacon interim dividend
Payment date of Erbacon interim Monday, 21 December 2009
dividend
Share certificates may not be dematerialised or re-materialised between
Friday, 11 December 2009 and Friday, 18 December 2009 (both days
inclusive).
30 November 2009
Durban
Designated Advisor
Questco Sponsors (Pty) Limited
Corporate Advisor
PSG Capital (Pty) Limited
Date: 30/11/2009 12:11:07 Produced by the JSE SENS Department.
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