| Fri 28 May 2010, 7:16 | | TON - Tongaat Hulett Limited - Declaration Of Scrip Distribution With A Cash |
|
TON
THGL
TON - Tongaat Hulett Limited - Declaration Of Scrip Distribution With A Cash
Dividend Alternative
Tongaat Hulett Limited
Registration number 1892/000610/06
JSE share code: TON
ISIN: ZAE000096541
DECLARATION OF SCRIP DISTRIBUTION WITH A CASH DIVIDEND ALTERNATIVE
Introduction
Notice is hereby given that the Board has declared a final distribution (number
165) for the financial period ended 31 March 2010, by way of the issue of fully
paid ordinary shares of R1,00 each as a scrip distribution payable to ordinary
shareholders recorded in the register on the record date, being Friday, 16 July
2010 ("scrip distribution"). Ordinary shareholders will be entitled, in respect
of all or part of their shareholding, to elect to receive a cash dividend of 175
cents per ordinary share in lieu of the scrip distribution, which will be paid
only to those ordinary shareholders who elect to receive the cash dividend, in
respect of all or part of their shareholding, on or before 12:00 on Friday, 16
July 2010 ("the cash dividend alternative").
The cash dividend alternative will be paid out of profits while the new ordinary
shares to be issued pursuant to the scrip distribution will be issued as a
capitalisation of part of the share premium account.
2. Terms of the scrip distribution
The number of new ordinary shares to which ordinary shareholders participating
in the scrip distribution will become entitled will be determined in the ratio
that 175 cents multiplied by a factor of 1,05 bears to the volume weighted
average price ("VWAP") of ordinary shares on the JSE Limited ("JSE") during the
22-day trading period ending on Thursday, 1 July 2010. Details of the ratio will
be released on the Securities Exchange News Service of the JSE ("SENS") by no
later than 12:00 on Friday, 2 July 2010 and published in the South African press
the following business day.
2.1 Fractions
Trading in the Strate environment does not permit fractions and
fractional entitlements. Accordingly, where an ordinary
shareholder`s entitlement to new ordinary shares calculated in
accordance with the above formula gives rise to a fraction of a
new ordinary share, such fraction of a new ordinary share will
be rounded up to the nearest whole number where the fraction is
greater than or equal to 0,5 and rounded down to the nearest
whole number where the fraction is less than 0,5.
2.2 Circular and salient dates
A circular relating to the scrip distribution and the cash
dividend alternative will be posted to ordinary shareholders on
or about Friday, 18 June 2010.
In accordance with the provisions of Strate, the electronic
settlement and custody system used by the JSE, the relevant
dates for the scrip distribution/cash dividend alternative are
as follows:
EVENT DATE - 2010
Circular and form of election posted to
ordinary shareholders on Friday, 18 June
Announcement of the ratio applicable to the
scrip distribution, based on the 22-day
VWAP ending on Thursday, 1 July 2010,
released on SENS by 12:00 on Friday, 2 July
Announcement of the ratio applicable to the
scrip distribution published in the South
African press on Monday, 5 July
Last day to trade in order to be eligible
for the scrip distribution/cash dividend
alternative ("CUM" scrip distribution/cash
dividend alternative) on Friday, 9 July
Ordinary shares trade "EX" the scrip
distribution/cash dividend alternative on Monday, 12 July
Listing of maximum possible number of new
ordinary shares that could be issued in
terms of the scrip distribution on Monday, 12 July
Last day to elect the cash dividend
alternative instead of the scrip
distribution by 12:00 on Friday, 16 July
Record date in respect of the scrip
distribution/cash dividend alternative on Friday, 16 July
Ordinary share certificates and dividend
cheques posted and Central Securities
Depositary Participant (CSDP)/broker
accounts credited/updated (payment date)
on Thursday, 22 July
Maximum number of new ordinary shares
listed adjusted to reflect the actual
number of new ordinary shares issued on Friday, 23 July
All times provided in this announcement are South African local
time. The above dates and times are subject to change. Any
changes will be released on SENS and published in the South
African press.
Ordinary share certificates may not be dematerialised or
rematerialised, nor may transfers between registers take place
between Monday, 12 July 2010 and Friday, 16 July 2010, both
days inclusive.
3. Payment of the cash dividend alternative
To the extent elected by ordinary shareholders, the cash dividend alternative is
declared in the currency of the Republic of South Africa. Dividends paid by the
United Kingdom transfer secretaries will be paid in British currency at the rate
of exchange ruling at the close of business on Friday, 9 July 2010.
Where applicable, dividends in respect of certificated ordinary shares will be
transferred electronically to ordinary shareholders` bank accounts on the
payment date. In the absence of specific mandates, dividend cheques will be
posted to ordinary shareholders. Ordinary shareholders who hold dematerialised
shares will have their accounts at their CSDP or broker credited/updated on
Thursday, 22 July 2010.
For and on behalf of the Board
MAC Mahlari
Company Secretary
Amanzimnyama
Tongaat, KwaZulu-Natal
26 May 2010
Advisor and transaction sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Sponsor
Investec Bank Limited
Attorneys
Shepstone & Wylie
Transfer Secretaries
Computershare Investor Services (Proprietary) Limited
Date: 28/05/2010 07:16:24 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.
