| Tue 15 Dec 2009, 10:31 | | SOV - Sovereign Food Investments Limited - Results Of The Sovereign Rights Offer |
|
SOV
SOV
SOV - Sovereign Food Investments Limited - Results Of The Sovereign Rights Offer
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")
RESULTS OF THE SOVEREIGN RIGHTS OFFER
Sovereign shareholders ("Shareholders") are referred to the announcements
published by the Company on SENS on 20 October 2009, 29 October 2009 and 5
November 2009 in which Shareholders were advised of Sovereign`s intention to
raise R144.5 million, before costs, 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 ("the Rights Offer").
Shareholders are advised that the total proceeds received from the Rights Offer
amounts to R125.9 million, representing 87.2% of the Rights Offer. The Rights
Offer was partially underwritten by Prudential Portfolio Managers ("Prudential")
and Old Mutual Investment Group (South Africa) (Pty) Ltd ("OMIGSA")
(collectively "the Underwriters").
The results of the Rights Offer, which closed on Friday, 11 December 2009, are
as follows:
Number of Percentage
shares Value (R of Rights
million) Offer
Rights Offer Shares subscribed for 7,837,137 66.6 46.1%
by Shareholders
Rights Offer Shares subscribed for 6,976,720 59.3 41.0%
by the Underwriters:
- Prudential 2,270,838 19.3 13.4%
- OMIGSA 4,705,882 40.0 27.7%
Total proceeds from the Rights 14,813,857 125.9 87.2%
Offer
Rights Offer Shares that were not 2,183,213 18.6 12.8%
subscribed for
Rights Offer Shares that were 16,997,070 144.5 100.0%
available for subscription
Share certificates were posted to certificated shareholders and accounts of
dematerialised shareholders or their renouncees who have followed their rights,
and their accounts have been credited by their Central Securities Depository
Participant or broker on Monday, 14 December 2009.
Port Elizabeth
15 December 2009
Corporate advisor and sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 15/12/2009 10:31:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
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,
information disseminated through SENS.
