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REM
REM
REM - Remgro announces the successful placement of approximately 78.1
million ordinary shares in Nampak Limited
REMGRO LIMITED
Incorporated in the Republic of South Africa
Registration number 1968/006415/06
ISIN: ZAE000026480
Share code: REM
("Remgro")
REMGRO ANNOUNCES THE SUCCESSFUL PLACEMENT OF APPROXIMATELY 78.1 MILLION
ORDINARY SHARES IN NAMPAK LIMITED
Remgro is pleased to announce the completion of the sale by way of an
accelerated bookbuild of 78,096,694 Nampak Limited ("Nampak") ordinary
shares placed with qualifying institutional investors at a price of
ZAR17.40 per ordinary share (the "Equity Placing"). The Equity Placing was
significantly oversubscribed with interest from both South African and
international investors. Following the Equity Placing, Remgro do not hold
any ordinary shares in Nampak.
The sale price represents a discount of approximately 7.1% to the 60-day
volume weighted average price of Nampak ordinary shares, as at 3 August
2010. The Equity Placing will settle on 12 August 2010 and Remgro will
receive gross proceeds of ZAR1,358.9 million.
Following from a review of its investments subsequent to the VenFin merger,
Remgro decided to dispose of its 11.8% shareholding in Nampak, which has
been identified as non-core.
Remgro acquired its stake in Nampak as a result of its original 58%
shareholding in Malbak (following a restructuring of Lenco Holdings), which
was subsequently acquired by Nampak. The capital will be available for
redeployment into assets which are more closely aligned with Remgro`s
investment strategy and in which Remgro has a higher degree of ownership
and/or influence.
Nampak released a trading update on SENS on 28 July 2010 indicating that
operating profit for the year ending 30 September 2010 is expected to be
between 130% and 150% higher than the previous year, while headline
earnings per share is expected to be 70%-90% higher. Remgro supports the
new management team and board at Nampak as well as their turnaround
strategy, but wants to now focus on its core investments.
4 August 2010
Stellenbosch
Merchant bank and sponsor to Remgro
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Joint bookrunners
RAND MERCHANT BANK (A division of FirstRand Bank Limited) and Morgan
Stanley
Attorneys to Remgro
Webber Wentzel
Date: 04/08/2010 14:04:01 Produced by the JSE SENS Department.
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