| Tue 17 Aug 2010, 16:39 | | BJM - BJM - Confirmation of scheme consideration and special dividend |
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BJM
BJM
BJM - BJM - Confirmation of scheme consideration and special dividend
Barnard Jacobs Mellet Holdings Limited
Incorporated in the Republic of South Africa)
(Registration number 1995/004798/06)
Share code: BJM & ISIN: ZAE000014262
("BJM" or "the Company")
CONFIRMATION OF SCHEME CONSIDERATION AND SPECIAL DIVIDEND
1. CONFIRMATION OF SCHEME CONSIDERATION
BJM shareholders are referred to the announcement released on the
Securities Exchange News Service ("SENS") on Friday, 30 July 2010 relating
to a scheme of arrangement in terms of section 311 of the Companies Act,
1973 (Act no 61 of 1973), as amended, proposed by FirstRand Limited
("FirstRand") between BJM and its shareholders ("the Scheme"), in terms of
which FirstRand Investment Holdings (Proprietary) Limited ("FRIHL"), a
wholly-owned subsidiary of FirstRand, will acquire all of the shares in the
issued share capital of BJM, for a cash consideration of R4.50 per ordinary
share in BJM ("BJM Shares") payable by FirstRand on behalf of FRIHL
("Scheme Consideration").
In terms of the Scheme, the Scheme Consideration was subject to downward
adjustment in the event the net cash in the business as at 31 July 2010 was
less than R190 million. FirstRand is satisfied, based on work done to date,
that no downward adjustment of the Scheme Consideration is required and,
accordingly, BJM shareholders are hereby informed that the Scheme
Consideration has not been adjusted and will remain R4.50 per BJM Share.
2. SPECIAL DIVIDEND
The board of directors of BJM has resolved to pay a special dividend of 22
cents per BJM Share ("the Special Dividend"). A declaration announcement
setting out the salient dates and terms of the Special Dividend will follow
once all the outstanding conditions precedent to the Scheme have been met,
which is expected to be on or about Thursday, 23 September 2010 based on
the current timetable as set out in the announcement and the offer
document/circular both dated Friday, 30 July 2010.
Johannesburg
17 August 2010
Sponsor to BJM
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Independent Sponsor to BJM
Deloitte & Touche Sponsor Services (Proprietary) Limited
Date: 17/08/2010 16:39:01 Produced by the JSE SENS Department.
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