| Tue 1 Jun 2010, 15:40 | | CSP - Chemical Specialities Limited - Progress report on the rights offer to |
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CSP
CSP
CSP - Chemical Specialities Limited - Progress report on the rights offer to
raise R100 million of new equity & potential issue of shares for Cash
Chemical Specialities Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/039947/06)
Share code: CSP
ISIN: ZAE000109427
("Chemspec" or "the Company")
PROGRESS REPORT ON THE RIGHTS OFFER TO RAISE R100 MILLION OF NEW EQUITY &
POTENTIAL ISSUE OF SHARES FOR CASH
Shareholders are referred to the announcement dated 13 April 2010 ("the
Initial Rights Offer Announcement") regarding the proposed rights offer and
potential specific issue for cash. All of the terms referred to in this
announcement bear the same meaning to the terms as defined in the Initial
Rights Offer Announcement. As stated in the Initial Rights Offer Announcement,
shareholders were advised to exercise caution when dealing in Chemspec
securities until a detailed announcement setting out the salient dates and
times as well as the pro forma financial effects of the proposed rights offer
has been made. The purpose of this announcement is to provide an update on
the progress of the implementation of the proposed rights offer and the
potential specific issue.
Accordingly, shareholders are informed as follows:
- the underwriting agreement between RMB Asset Management (Pty)
Limited and Chemspec has been signed. However, the underwriting
agreement is conditional upon, inter alia, the rights offer becoming
unconditional and the approvals required (if any) in terms of the
Code and the obtaining of all waivers required (if any) to ensure
that no mandatory offers are required pursuant to the proposed
underwriting or the potential specific issue. Accordingly, if the
necessary approvals and waivers are not obtained, the underwriting
agreement shall lapse and be of no further force or effect and the
underwriter will not subscribe for the shares underwritten in terms
of the proposed rights offer and/or the shares in terms of the
potential specific issue (unless the underwriter waives such
conditions). Therefore, the proposed rights offer is not conditional
upon the underwriting;
- the draft circular and related documents required for the final
approval of the rights offer and the potential specific issue have
been lodged with the JSE, the Securities Regulation Panel ("SRP")
and the Registrar of Companies ("CIPRO") for their comments;
- upon receipt and incorporation of any such comments, the final
circular will be lodged with the JSE, the SRP and CIPRO; and
- South African Reserve Bank approval has been obtained.
As soon as the aforementioned approvals from the JSE, SRP and CIPRO have been
obtained, a detailed announcement will be made to shareholders setting out the
extent of the approvals, the salient dates and times as well as the pro forma
financial effects of the proposed rights offer and the potential specific
issue. It is expected that the further detailed announcement will be made
within two weeks from the date hereof.
Shareholders are therefore advised to continue exercising caution when dealing
in Chemspec securities until the further detailed announcement has been made.
Bryanston
1 June 2010
Designated Advisor: QuestCo Sponsors (Pty) Limited
Fundraising Advisor: Purple Capital Limited
Attorneys to the proposed rights offer: Edward Nathan Sonnenbergs Inc.
Date: 01/06/2010 15:40:09 Produced by the JSE SENS Department.
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