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SOV SOVN
SOV
SOV/SOVN - Sovereign Food Investments Limited - Sovereign rights offer
oversubscribed
Sovereign Food Investments Limited
Incorporated in the Republic of South Africa
Registration number 1995/003990/06
JSE code: SOV
ISIN: ZAE000009221
JSE code for LAs: SOVN
ISIN for LAs: ZAE000152856
("Sovereign" or "the Company")
SOVEREIGN RIGHTS OFFER OVERSUBSCRIBED
Further to the announcements published by the Company on SENS on 21 October
2010, 1 February 2011 and 21 February 2011 and the circular to Sovereign
shareholders ("Shareholders") dated 21 February 2011 ("Circular") regarding the
renounceable rights offer ("Rights Offer") of 31 578 947 new Sovereign ordinary
shares ("Rights Shares") to Shareholders at a subscription price of 475 cents
per Rights Share in the ratio of 66.04155 Rights Shares for every 100 Sovereign
ordinary shares held on the record date of the Rights Offer and which closed on
Friday, 11 March 2011, Shareholders are advised that subscriptions for 39 422
835 Rights Shares were received in terms of the Rights Offer, resulting in a
total oversubscription for 124.8% of the Rights Shares available for
subscription.
In accordance with the underwriting agreement entered into between Sovereign and
Coronation Asset Management (Proprietary) Limited ("Underwriter"), Rights Shares
not taken up by Shareholders who did not follow all or some of their rights in
terms of the Rights Offer were first allocated to the Underwriter and any
remaining Rights Shares were then allocated, in an equitable manner to those
Shareholders who applied for Rights Shares in excess of their entitlement
("Excess Shares").
The Rights Shares were allocated as follows:
Number of Percentage of
Rights Shares Rights Shares
(%)
Rights Shares available for 31 578 947 100
subscription
Rights Shares subscribed for 31 313 988 99.1
Excess Shares subscribed for 8 108 847 25.7
Total 39 422 835 124.8
Rights Shares allocated to the 264 959 0.8
Underwriter
Rights Shares available for - -
allocation to Excess Share
applicants
As a result of the strong support for the Rights Offer, no Excess Shares were
available for allocation to Excess Share applicants.
Dematerialised shareholders` accounts will be updated with Rights Shares and
Rights Shares certificates posted to certificated Shareholders on or about
Monday, 14 March 2011.
Port Elizabeth
14 March 2011
Sole Bookrunner, Corporate Advisor and Sponsor
One Capital
Attorneys
Cliffe Dekker Hofmeyr Inc.
Date: 14/03/2011 17:51:11 Produced by the JSE SENS Department.
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