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ABL ABLP
ABL
ABL/ ABLP - African Bank Investments Limited - Proposed placing and issue of a
tranche of preference shares
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL ISIN: ZAE000030060
Preference share code: ABLP ISIN: ZAE000065215
("ABIL" or "the Company")
PROPOSED PLACING AND ISSUE OF A TRANCHE OF PREFERENCE SHARES
Introduction
Shareholders are referred to ABIL`s announcement of 21 February 2011 and are
advised that ABIL is considering issuing a tranche of variable-rate, perpetual,
non-cumulative, non-participating preference shares to investors for cash by
way of a private placement. The shares will rank on a pari passu basis with
ABIL`s existing listed preference shares.
ABIL wishes to raise cost effective permanent share capital as part of a general
capital management programme. It is intended that capital raised through the
issue of preference shares will be applied towards the subscription by ABIL of
ordinary shares in its wholly owned subsidiary, African Bank Limited.
Placing of the preference shares
Placements of preference shares will be made by ABSA Capital (a division of
ABSA Bank Limited) and Investec Capital Markets (a division of Investec Bank
Limited) through a joint bookbuilding process, in terms of which investors
will be invited to participate in the proposed issue. Interested investors are
requested to contact the bookbuilders for information on the placement process.
The issue of preference shares will be subject to the following limitations:
- Selected investors may not be persons considered to be non-public shareholders
or related parties to the Company in terms of the JSE Limited Listings
Requirements.
- The minimum subscription amount per principal institutional investor will
be R100 000.
- The minimum subscription amount per principal non-institutional investor will
be R1 000 000.
The issue of preference shares will be subject to and conditional upon the
final approval by ABIL of the terms of any such issue of preference shares
and the approval of the listing of such preference shares by the JSE.
Pricing and additional information
The new tranche of preference shares will be priced at a clean price of
7916 cents per preference share, which results in an effective yield of 87.2%
of prime. In accordance with the circular issued to shareholders on 4 March
2011 this price is calculated with reference to the clean 10 day volume weighted
average traded price as at the close of business on Wednesday 29th June 2011,
and represents a discount of 3.82% thereon. Further details of the issue
and related information is available in a presentation on ABIL`s website
at http://africanbank.investoreports.com/investor-relations/funding/
preference-shares/.
The offer period begins on the 15th July 2011 and closes on the 19 July 2011,
and allotment and settlement will take place on Tuesday, 26 July 2011. After
including accrued dividends the issue price for settlement on 26th July 2011
will be 7975 cents.
Enquiries may be directed to:
ABIL
Steven Kahanovitz
Executive: Corporate Finance
(011) 564 6709
Gavin Jones
Executive: Capital and Liability management
(011) 564 6868
ABSA Capital
Keith Flemmer
Distribution
011 895 5382
Investec Capital Markets
Kenric Owen
Product and Distribution
011 286 9930
Midrand
1 July 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Transaction Sponsors
Absa Capital
(the investment banking division of Absa Bank Limited and affiliated with
Barclays Capital)
Investec Capital Markets
(a division of Investec Bank Limited)
Issuer CSDP
Absa Capital Investor Services
Debbie Billings
Corporate Actions
011 350 1580
Date: 01/07/2011 07:05:11 Produced by the JSE SENS Department.
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