| Tue 27 Jul 2010, 15:23 | | CSP - Chemical Specialities Limited - Results of special general meeting held on |
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CSP
CSP
CSP - Chemical Specialities Limited - Results of special general meeting held on
27 July 2010 and SRP ruling
Chemical Specialities Limited
Incorporated in the Republic of South Africa)
Registration number 2005/039947/06)
Share code: CSP
ISIN: ZAE000109427
("Chemspec" or "the Company")
RESULTS OF SPECIAL GENERAL MEETING HELD ON 27 JULY 2010 AND SRP RULING
RESULTS OF GENERAL MEETING
Chemspec shareholders ("the Chemspec Shareholders") are referred to the Chemspec
Rights Offer circular to Chemspec Shareholders dated 28 June 2010 ("the
Circular"). All of the resolutions tabled to approve and implement the corporate
actions set forth in the Circular were passed by the requisite majority of
shareholders. 99.99% of Chemspec shareholders voted in favour of all the
resolutions proposed at the special general meeting held today ("the General
Meeting").
SRP RULING IN FAVOUR OF THE WAIVER OF THE MANDATORY OFFER
At today`s General Meeting, 99.99% of independent Chemspec Shareholders, as
contemplated in the Securities Regulation Panel ("SRP") Code and, in terms of
Rule 8.1 of the SRP Code, have voted in favour of the waiver of a mandatory
offer resolution as more fully described in the Circular.
In terms of, inter alia, Rule 8.7 of the SRP Code the SRP may waive the
requirement to make a mandatory offer if (inter alia) such waiver is supported
by a majority of independent shareholders in general meeting. The SRP has
advised that it will be willing to consider an application to grant the
abovementioned waiver, subject to independent Chemspec Shareholders (as
contemplated in the Circular) passing an ordinary resolution in general meeting
approving a waiver of their right to require Corvest and/or RMBAM (as defined in
the Circular) to make a mandatory offer at 90 cents per Chemspec share under
Rule 8.1 of the SRP Code ("the Mandatory Offer").
Prior to granting this waiver, the SRP will consider any objections or
representations made by parties as contemplated below:
1.Any interested party who wishes to object to the dispensation shall have at
least 14 (fourteen) calendar days from the date of this announcement to raise
such an objection with the SRP. Objections should be made in writing and
addressed to the "Executive Director, Securities Regulation Panel" at any one
of the following addresses:
Physical Postal Fax
Ground Floor PO Box 91833 +27 11 482 5635
2 Sherborne Road Auckland Park
(off Jan Smuts 2006
Avenue)
Parktown
Johannesburg
2193
2.Objections should reach the SRP by no later than close of business on Tuesday,
10 August 2010 in order to be considered.
3.If any submissions are made to the SRP within the permitted timeframe, the SRP
will consider the merits thereof and, if necessary, provide the objectors with
an opportunity to make representations to the SRP. 4.Thereafter, subject
to the waiver having been approved by Chemspec Shareholders in general meeting
(which was obtained in today`s General Meeting ), the SRP will rule on the
requirement for a Mandatory Offer.
Canelands
27 July 2010
Designated Advisor: QuestCo Sponsors (Pty) Ltd
Fund Raising Advisor: Purple Capital Ltd
Attorneys to the rights offer: Edward Nathan Sonnenbergs
Date: 27/07/2010 15:23:20 Produced by the JSE SENS Department.
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