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DGC
DGC
DGC - Digicore Holdings Limited - Initial announcement regarding the Digicore
renounceable rights offer
DIGICORE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/012601/06)
Share Code: DGC
ISIN Number: ZAE000016945
("DigiCore" or "the Company")
INITIAL ANNOUNCEMENT REGARDING THE DIGICORE RENOUNCEABLE RIGHTS OFFER
1. Shareholders are hereby advised that DigiCore intends to raise R90
million by way of a fully underwritten renounceable rights offer of 30 000
000 new DigiCore ordinary shares of R0.01 each ("rights offer shares") to
qualifying DigiCore shareholders, at a subscription price of 300 cents per
rights offer share, in the ratio of 1 rights offer share for every 7.2256
DigiCore ordinary shares held at the rights offer record date. The rights
offer record date is still to be determined and finalised by the directors
of DigiCore and will be disclosed to shareholders in due course.
2. The rights offer will give all shareholders recorded in the register of
shareholders on the rights offer record date an equal opportunity to
participate in the rights offer.
3. The rights offer price represents a discount of 12.1% to the 30 day volume-
weighted average price of shares on the JSE as at 15 November 2010.
4. Coronation Asset Management (Pty) Limited ("Coronation") has agreed to
fully underwrite the rights offer. The underwriting agreement is subject to
certain conditions, which are normal for a transaction of this nature.
Further details of the underwriting agreement and underwriting commission
will be set out in the circular to shareholders that will be posted to
shareholders in due course.
5. Excess applications for rights offer shares will not be allowed and any
rights offer shares that are not accepted, renounced or sold shall revert
back to the underwriters.
6. The rights offer shares issued will rank pari passu with the existing
issued shares.
7. The rights offer is subject to registration by the Companies and
Intellectual Property Registration Office of all documents required to be
registered in terms of the South African Companies Act (Act 61 of 1973), as
amended, and approval by the JSE Limited of the implementation of the
rights offer.
8. Shareholders are advised that a more detailed announcement will follow in
due course disclosing the pro forma financial effects and salient dates and
times of the rights offer to shareholders of DigiCore.
Pretoria
16 November 2010
Corporate adviser and Sponsor
PSG Capital
Date: 16/11/2010 16:30:01 Produced by the JSE SENS Department.
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