JCI - JCI Limited - Successful placement of 8.2 million ordinary shares in R&E
JCD
JCD
JCI - JCI Limited - Successful placement of 8.2 million ordinary shares in R&E
JCI Limited
(Incorporated in the Republic of South Africa)
(Registration number 1894/000854/06)
Share Code: JCD (suspended) ISIN: ZAE000039681
("JCI" or "the Company")
JCI ANNOUNCES THE SUCCESSFUL PLACEMENT OF APPROXIMATELY 8.2 MILLION ORDINARY
SHARES IN RANDGOLD AND EXPLORATION COMPANY LIMITED ("R&E")
1. Introduction
JCI is pleased to announce the completion of the sale by way of a partially
underwritten book-build of 8,190,427 R&E ordinary shares placed for gross
proceeds of R47,439,955 (the "Book-build"). The average sale price per R&E share
represents a premium of approximately 1.5% to the closing share price on
Wednesday, 18 August 2010 and a premium of 8.2% on the volume weighted average
price of R&E ordinary shares, since 28 June 2010 (which was the date on which
R&E shares traded ex the right to participate in R&E`s capital distribution of
the settlement Gold Fields shares and ex entitlement to participate in the
unbundling of R&E`s JCI shares). Following the Book-build, JCI will not hold any
ordinary shares in R&E.
2. Rationale for the Book-build
JCI has realised value for its R&E shares in order to settle debts and fund
operating costs. The Book-build provided a mechanism for JCI to dispose of its
large holding in R&E at a price above the ruling market price at the time that
the Book-build commenced.
3. Pro forma financial effects on JCI shareholders
The pro forma financial effects of the Book-build on JCI`s net asset value per
share and net tangible asset value per share as at 31 December 2009 are not
material.
4. Categorisation
The Book-build is a Category 2 transaction for JCI in terms of section 9.5(a) of
the JSE Listings Requirements.
Sandton
19 August 2010
Investment Bank
Investec Corporate Finance
Sponsor to JCI
Sasfin Capital (a division of Sasfin Bank Limited
Date: 19/08/2010 16:26:01 Produced by the JSE SENS Department.
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