| Fri 26 Feb 2010, 13:55 | | WIL - Wilderness - Correction Announcement: Abridged Prospectus |
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JSE
WDN
WIL - Wilderness - Correction Announcement: Abridged Prospectus
Wilderness Holdings Limited
(formerly Wilderness Holdings (Proprietary) Limited)
(Incorporated in the Botswana on 23 February 2004)
(Registration number 2004/2986)
(Registered as an external company in South Africa on 27 November 2009)
(External company registration number 2009/022894/10)
Share code: WIL ISIN: BW0000000868
("Wilderness" or "the Company" or "the Group")
CORRECTION ANNOUNCEMENT: ABRIDGED PROSPECTUS
Further to the announcement released on SENS earlier today, please be advised of
a correction to the number of shares placed with selected investors; and to the
approximate number of people employed by Wilderness.
Abridged prospectus relating to the primary listing of Wilderness on the
Domestic Main Board of the Botswana Stock Exchange ("BSE") and the simultaneous
secondary listing of Wilderness on the Africa Board of the JSE Limited ("JSE")
with effect from the commencement of business on Thursday 8 April 2010 ("the
listing").
This abridged prospectus is not an invitation to the public to subscribe for
shares in Wilderness, but is issued in compliance with the Listings Requirements
of the JSE and BSE for the purpose of providing information to the public with
regard to Wilderness.
1. Introduction
3 000 000 shares are to be issued by way of public offer to applicants in
Botswana and South Africa at a price of P4.00 (ZAR4.56) ("public offer"). The
public offer opens at 09h00 on Friday 26 February 2010 and closes at 17h00 on
Friday 26 March 2010.
Prior to the public offer 56 343 256 shares were placed with selected investors
at a price of P4.00 (ZAR4.56) per share.
The public offer is underwritten by African Alliance Pioneer Master Fund at a
price of P4.00.
The listing is subject to closing of the public offer and the free float and
spread requirements of the BSE and JSE being met. Subject to fulfilment of these
conditions, 231 000 000 Wilderness ordinary shares of no par value will be
listed on the Domestic Main Board of the BSE and the Africa Board of the JSE
under the short name "Wildrness" and share code "WIL", with effect from the
commencement of business on Thursday 8 April 2010.
2. Overview of the business of Wilderness
Wilderness has been in operation for 26 years and has developed an extremely
powerful brand in both international and local markets, offering premier,
classic and luxury mobile camps. A policy of "building sustainable conservation
economies through responsible tourism" shares the benefits of tourism with local
communities and ensures the protection of these areas for future generations.
Making money is fundamental to the business and since inception Wilderness has
been cash positive, driven largely by its success in the tourism operations. The
Company is run by a group of likeminded wildlife professionals who came together
to build a successful safari business, delivering a unique experience for guests
and strong returns for shareholders and stakeholders, while ensuring that
Southern Africa`s pristine wilderness areas remain sustainably protected.
The Wilderness business model is vertically integrated and consists of the
following key businesses within the value chain:
- Safari consulting (tour operating and destination management);
- Transfer and touring (air and road);
- Camp, lodge and safari exploration operator; and
- Finance and asset management business.
In the tourism business Wilderness currently:
- owns 53 destinations comprising 930 beds (nightly count) in seven countries;
- markets and/or manages a further 17 destinations comprising 280 beds (nightly
count) in seven countries;
- operates 49 aircraft (owning 33 of these);
- operates 6 journey specialist businesses in 6 countries employing 249 people;
and
- employs approximately 2 700 people.
3. Prospects of Wilderness
The strategic objective of the Group is to double the number of bed nights
occupied in Wilderness destinations by 2015, while continuously improving the
operational efficiencies of the business model.
In the opinion of the directors, in order to achieve the above the short -term
focus of Wilderness is:
- continued improvement to the business model and operational efficiencies
focusing on innovation and maximum impact;
- the development of maturing (or infancy) businesses; and
- growth and promotion of the Safari and Adventure Company ("SAC") brand and
operations.
In the opinion of the directors, in the longer term the business will focus on:
- doubling the areas under influence by 2015 focusing initially on regions where
its existing channel to the market supports;
- increasing the bed nights in Wilderness;
- continued growth and promotion of both the Wilderness and SAC brands; and
- growing the channel to the market under both brands, Wilderness and SAC.
In all periods Wilderness will strive to exceed the financial, social and
environmental expectations of its stakeholders.
4. Directors
The names, ages and business addresses of the directors are set out
below:
On the date of listing, the Wilderness board will comprise:
Non-executive directors:
Rolf Hartmann (35) 9 Fricker Road, Illovo Boulevard, Illove,
Sandton, 2146, South Africa
John Gnodde (44) 9 Fricker Road, Illovo Boulevard, Illove,
Sandton, 2146, South Africa
Parks Tafa (42) Dinatla Court, Plot 4863, Gaborone, Botswana
Michael Tollman 9L The Breakers, 100 Bay Road, Mouille Point,
(47) Cape Town, South Africa
John Hunt (55) TBWA\Hunt\Lascaris, 3 Sandown Crescent,
Sandton, 2146, South Africa
Roux Marnitz (64) Plot 766, Ikageng Way, Gaborone, Botswana
Marcus ter Haar Technical Support Centre, Airport Road,
(31) Gaborone, Botswana
Gavin Tollman (46) 15 Grosvenor Place, London, SW1X7HH, United
Kingdom
Executive directors:
Malcolm McCulloch 373 Rivonia Boulevard, Rivonia, Sandton, 2146,
(56) South Africa
Andrew Payne (45) 373 Rivonia Boulevard, Rivonia, Sandton, 2146,
South Africa
Karen Mitchley 373 Rivonia Boulevard, Rivonia, Sandton, 2146,
(38) South Africa
David van 373 Rivonia Boulevard, Rivonia, Sandton, 2146,
Smeerdjik (45) South Africa
Russel Friedman 373 Rivonia Boulevard, Rivonia, Sandton, 2146,
(58) South Africa
Keith Vincent (47) 1 Mathiba Road, Maun, Botswana
5. Copies of the pre-listing statement
Copies of the pre-listing statement can be obtained during normal business hours
until 26 March 2010 from:
The registered office of Wilderness in Botswana:
Plot 91, Mophane Avenue, Maun, Botswana
(Private Bag 14, Maun, Botswana)
The registered office of Wilderness in South Africa:
373 Rivonia Boulevard, Rivonia, Sandton, 2146, South Africa
(PO Box 5219, Rivonia, 2128, South Africa)
The Company website: www.wilderness-group.com
Johannesburg
26 February 2010
Merchant bank and sponsor
RAND MERCHANT BANK (A Division of FirstRand Bank Limited)
Botswana sponsor
Capital Securities (A member of the Botswana Stock Exchange)
Attorneys
Bell Dewar and Collins Newman
Reporting accountants and auditors
Deloitte & Touche, PricewaterHouseCoopers & Horwath Leveton Boner
Date: 26/02/2010 13:55:02 Produced by the JSE SENS Department.
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