| Thu 19 Aug 2010, 16:57 | | LMID - The final redemption of Lereko Mobility debentures |
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JSE LMID
LMID
LMID - The final redemption of Lereko Mobility debentures
Lereko Mobility (Proprietary) Limited
Incorporated in the Republic of South Africa
Registration number: 2004/034154/07
ISIN: ZAE000067229 Share code: LMID
("Lereko Mobility")
THE FINAL REDEMPTION OF LEREKO MOBILITY DEBENTURES
1. Introduction
Debenture holders are referred to the terms and conditions set out in the Lereko
Mobility pre-listing statement, dated 12 May 2005, and the subsequent amendments
contained in the Eqstra Holdings Limited ("Eqstra) unbundling circular dated 20
March 2008, which provide for the redemption of the Debentures in cash by Lereko
Mobility, with effect from the final redemption date, being 1 October 2010, in
terms of the Debenture Trust Deed.
2. Final redemption amount
Each Debenture will be redeemed in cash by Lereko Mobility for an amount equal
to its principal amount of R41.50, plus a further bonus amount which will depend
on the performance of Imperial Holdings Limited ("Imperial") and Eqstra ordinary
shares. The listing of the Lereko Mobility Debentures will be terminated upon
redemption.
The final redemption amount will be calculated according to the following
formula:
R = P + SR x ((SIPL - PIPL x B) + (SEQS - PEQS x B))
provided that -
if SIPL < PIPL x B, SIPL shall equal PIPL x B; and
if SEQS < PEQS x B, SEQS shall equal PEQS x B
Where:-
R = the redemption amount in respect of each Debenture;
P = R41.50, being the principal amount;
SR = 0.25, being the share ratio, which means, the number of Imperial shares
and the number of Eqstra shares, which are attributable to each Debenture, as
adjusted in terms of clause 19;
SIPL = the 10-day VWAP in respect of Imperial shares, calculated over the 10
consecutive trading days up to and including Friday, 10 September 2010;
SEQS = the 10-day VWAP in respect of Eqstra shares, calculated over the 10
consecutive trading days up to and including Friday, 10 September 2010;
PIPL = the percentage that the 1-day VWAP in respect of Imperial shares
constitutes of the sum of the 1-day VWAPs in respect of Imperial shares and
Eqstra shares, for the first trading day of the listing of the Eqstra shares on
the JSE pursuant to the Eqstra unbundling;
PEQS = the percentage that the 1-day VWAP in respect of Eqstra shares
constitutes of the sum of the 1-day VWAPs in respect of Imperial shares and
Eqstra shares, for the first trading day of the listing of the Eqstra shares on
the JSE pursuant to the Eqstra unbundling;
B = R145.25, being the original base price, as adjusted for the occurrence of
relevant corporate events;
The calculation of the final redemption amount per Debenture shall be rounded to
5 decimal places and then, in respect of each Debenture holder, the final
redemption amount in respect of the aggregate number of Debentures held by such
Debenture holder, shall be rounded to 2 decimal places.
The final redemption amount will be announced on Monday, 13 September 2010.
3. Important Dates
Event 2010
Posting of circular Thursday, 19 August
Announcement on SENS of the final redemption Monday, 13 September
amount
Last day to trade in Debentures in order to Thursday, 16 September
receive the redemption proceeds
Debentures suspended from trade at Friday, 17 September
commencement of business on
Record date for the redemption Thursday, 23 September
Debenture holders will have their CSDP or Friday, 1 October
broker accounts updated and credited with
the redemption proceeds on
Certificated Debenture holders will have Friday, 1 October
their cheques in respect of the redemption
proceeds paid/posted on or about
Termination of listing of Debentures from Monday, 4 October
commencement of trade on
Notes:
1. The above dates may be subject to amendment. Any such amendment will
be released on SENS and published in the press.
2. Certificates may not be rematerialised or dematerialised after
Thursday, 16 September 2010.
3. Debenture certificates received before 12:00 on record date will be
paid on 1 October 2010. Debenture certificates received after 12:00 on
record date will be paid 5 business days after the date on which the
certificate in respect of the Debentures to be redeemed has been
surrendered at the offices of the transfer secretaries.
4. Circular to Debenture holders
A circular setting out the terms of the redemption and the action required by
Debenture holders will be posted to Debenture holders on Thursday, 19 August
2010.
Johannesburg
19 August 2010
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Transaction advisor and Merchant Bank
Rand Merchant Bank
Legal advisor
Tugendhaft Wapnick Banchetti and Partners
Date: 19/08/2010 16:57:01 Produced by the JSE SENS Department.
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