| Wed 21 Apr 2010, 11:07 | | GMB - Glenrand M I B Limited - Capitalisation award with a cash dividend |
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GMB
GMB
GMB - Glenrand M I B Limited - Capitalisation award with a cash dividend
alternative to be paid to shareholders not electing to receive capitalisation
award shares
GLENRAND M I B LIMITED
(a Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share code: GMB ISIN: ZAE000078010
("Glenrand M I B" or "the company")
CAPITALISATION AWARD WITH A CASH DIVIDEND ALTERNATIVE TO BE PAID TO SHAREHOLDERS
NOT ELECTING TO RECEIVE CAPITALISATION AWARD SHARES
Further to the announcement of the company`s interim results for the six months
ended 31 December 2009 released on the Securities Exchange News Service ("SENS")
on Tuesday, 2 March 2010, notice is hereby given that an award of new fully paid
ordinary shares ("the new shares") will be distributed to shareholders recorded
in the register of the company at the close of business on Friday, 7 May 2010
("the record date"). In terms of the announcement, shareholders will be entitled
in respect of all or part of their shareholding, to elect to participate in the
capitalisation award, failing which they will receive the cash dividend
alternative (3 cents per ordinary share that will be paid to those shareholders
not electing to participate in the capitalisation award). The last day to trade
to participate in the capitalisation award or the cash dividend alternative will
be Friday, 30 April 2010.
The number of shares to which shareholders wishing to participate in the
capitalisation award will become entitled will be determined in the ratio that 3
cents per ordinary share bears to R1.05, being the 30-day volume-weighted
average traded price of Glenrand MIB ordinary shares on the JSE Limited ("JSE")
at the close of business on Tuesday, 20 April 2010 ("VWAP"), the formula being:
Capitalisation share entitlement = (number of shares held on the record date x 3
cents) / (VWAP of R1.05)
This equates to 2.86449 new Glenrand MIB ordinary shares for every 100 Glenrand
MIB ordinary shares held. Shareholders wishing to participate in the
capitalisation award in respect of all or part of their shareholding must elect
to do so. Subject to the approval of the JSE, a listing of the maximum number
of new shares to be issued pursuant to the capitalisation award will commence on
Monday, 3 May 2010. Glenrand MIB shares will trade "ex" the entitlement with
effect from the commencement of business on Monday, 3 May 2010. Shares may not
be dematerialised or rematerialised between Monday, 3 May 2010, and Friday, 7
May 2010, both days inclusive. A circular (including a form of election) dealing
with the capitalisation award was posted to shareholders on Wednesday, 14 April
2010.
Forms of election in respect of shareholders who have not dematerialised their
shares ("certificated shareholders") and who wish to elect to participate in the
capitalisation award must be received by the transfer secretaries, Computershare
Investor Services (Proprietary) Limited, Ground Floor, 70 Marshall Street,
Johannesburg, 2001 (PO Box 61763, Marshalltown, 2107) by no later than 12:00 on
Friday, 7 May 2010.
Shareholders who have dematerialised their shares ("dematerialised
shareholders") are required to notify their duly appointed Central Securities
Depository Participant ("CSDP") or broker of their election in the manner and
time stipulated in the custody agreement governing the relationship between the
shareholders and their CSDP or broker. In respect of dematerialised
shareholders, safe custody accounts with the CSDP or broker will be updated with
the entitlement in respect of the new ordinary shares and/or payments will be
credited to their CSDP or broker accounts on Monday, 10 May 2010.
Certificated shares and cheques will be posted by registered post and ordinary
post respectively to certificated shareholders at their risk on or about Monday,
10 May 2010. A further announcement will be published on SENS on Monday, 10 May
2010 and in the press on or about Tuesday, 11 May 2010, detailing the results of
the capitalisation award and the cash dividend alternative.
Sandton
21 April 2010
Investment bank, corporate adviser and sponsor
Nedbank Capital
Date: 21/04/2010 11:07:03 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.
