| Wed 12 Oct 2011, 16:08 | | VOX - Vox Telecom Limited - Results of scheme meeting |
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VOX
VOX
VOX - Vox Telecom Limited - Results of scheme meeting
VOX TELECOM LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1998/016433/06)
JSE Code: VOX ISIN Code: ZAE 000097234
("Vox" or "the Company")
RESULTS OF SCHEME MEETING
Shareholders are referred to the announcement published on SENS on 14 July
2011 and in the press on 15 July 2011, and to the circular issued to Vox
shareholders on 9 September 2011 ("the Circular") detailing the scheme of
arrangement in terms of section 114 of the Companies Act No 71 of 2008 ("the
Companies Act"), proposed by the board of Vox between Vox and its
shareholders ("the Scheme"). The Scheme, if implemented, will result in
Business Venture Investments No 1542 Limited ("BidCo") acquiring the entire
issued ordinary share capital in Vox. In terms of the Scheme, each Vox
shareholder will be entitled to elect to receive:
- a cash consideration of 45 cents for every Vox share held; or
- one BidCo share for every 10 Vox shares; or
- a combination of the above,
on the basis that in the absence of an election by 12:00 on the scheme
consideration record date, a Vox shareholder will be deemed to have elected
to receive the cash consideration of 45 cents for every Vox share held.
Shareholders are hereby advised that the Scheme has been approved by the
requisite majority of shareholders present and voting, in person or by proxy,
at the shareholders meeting held earlier today.
Shareholders are further advised that shareholders holding in aggregate 430
626 Vox shares, representing 0.0388% of the issued ordinary share capital in
Vox, notified the Company prior to the shareholders meeting that they object
to the special resolution to approve the Scheme and intended to exercise
their rights in terms of section 164 of the Companies Act. These shareholders
have voted against the special resolution to approve the Scheme.
Shareholders should note that the implementation of the Scheme remains
conditional upon the fulfilment of certain conditions precedent as detailed
in the Circular. Further announcements regarding same will be released on
SENS and published in the press in due course.
Johannesburg
12 October 2011
Corporate advisor and Designated Advisor to Vox
Grindrod Bank
Independent expert to Vox
KPMG
Legal and tax advisor to Vox
Webber Wentzel
Corporate advisor to the Consortium and BidCo
Investec Corporate Finance
Legal advisor to the Consortium and BidCo
Cliffe Dekker Hofmeyr
Auditors and Reporting Accountants to Vox and BidCo
Deloitte & Touche
Communications advisor to the Consortium Brunswick
Date: 12/10/2011 16:08:04 Produced by the JSE SENS Department.
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