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VLE
VLE
VLE - Value Group - Results of pro rata voluntary share repurchase offer
Value Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/002203/06)
Share code: VLE ISIN: ZAE000016507
("Value Group")
RESULTS OF PRO RATA VOLUNTARY SHARE REPURCHASE OFFER
Value Group shareholders are referred to the announcement released on SENS
on Thursday, 27 May 2010 and the circular posted to shareholders on
Thursday, 1 July 2010 ("the circular") in which the terms of the pro rata
voluntary share repurchase offer ("the repurchase offer") were disclosed.
The closing date of the repurchase offer was Friday, 20 August 2010. Value
Group shareholders are advised that Value Group has received tenders in
respect of 115 941 646 Value Group shares. As the total number of shares
tendered is in excess of the maximum number of shares to be repurchased in
terms of repurchase offer (being 16 666 667 Value Group shares or 9.2% of
eligible Value Group shares), Value Group will repurchase the maximum of 16
666 667 Value Group shares. Value Group will acquire from Value Group
shareholders who tendered in excess of 9.2% of their Value Group shares,
9.2% of their Value Group shares plus such additional shares pro rata to the
excess Value Group shares tendered in terms of the repurchase offer, subject
to the total number of repurchased Value Group shares not exceeding the
above maximum.
Value Group shareholders are referred to the financial effects of the
repurchase offer set out in the circular which have been based on the
assumption that a maximum of 16 666 667 Value Group shares will be
repurchased in terms of the repurchase offer and which have therefore not
changed following the actual results of the repurchase offer.
Cheques in respect of the repurchase offer consideration of R3.60 per Value
Group share ("repurchase offer consideration") will be posted or electronic
transfers will be made on Monday, 23 August 2010 to certificated Value Group
shareholders who have accepted the repurchase offer in respect of their pro
rata entitlement to the repurchase offer and on Tuesday, 24 August 2010 in
respect of any excess Value Group shares tendered. Accounts held with
CSDP/brokers will be credited and updated in respect of the repurchase offer
consideration on Monday, 23 August 2010 to dematerialised Value Group
shareholders who have accepted the repurchase offer in respect of their pro
rata entitlement to the repurchase offer and on Tuesday, 24 August 2010 in
respect of any excess Value Group shares tendered.
The repurchased shares referred to above will be cancelled and delisted.
By order of the board.
Johannesburg
23 August 2010
Sponsor Reporting accountants Attorneys to
Value Group
Investec Charles Orbach & Bowman Gilfillan
Company Inc.
Corporate advisor Attorneys to Phosa SPV Independent
Professional
Expert
Charles Orbach & Brian Kahn Inc. Mazars Corporate
Company Corporate Finance (Pty)
Finance (Pty) Ltd Ltd
Date: 23/08/2010 11:36:08 Produced by the JSE SENS Department.
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