| Wed 19 Oct 2011, 17:25 | | CSP - Chemical Specialities Limited - Fulfilment of conditions and salient dates |
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CSP
CSP
CSP - Chemical Specialities Limited - Fulfilment of conditions and salient dates
for the rights offer
Chemical Specialities Limited
Incorporated in the Republic of South Africa
Registration number 2005/039947/06
Share code: CSP
ISIN: ZAE000109427
("ChemSpec" or "the Company")
FULFILMENT OF CONDITIONS AND SALIENT DATES FOR THE RIGHTS OFFER
Shareholders are referred to the announcements previously released by ChemSpec
on the Securities Exchange News Service ("SENS") in respect of:
(a) the convening of a general meeting of shareholders to approve:
* the conversion of the authorised and issued share capital from par
value to no par value ordinary shares and the increase of the
authorised share capital from 1,000,000,000 ordinary shares to
1,500,000,000 ordinary shares of no par value;
* the specific issues of ordinary shares for approximately R46,8 million
to the Industrial Developmental Corporation of South Africa Limited
("the IDC") and Clark Investments ("the specific issues"); and
* the adoption of an employee share option scheme; and
(b) a capital raising of approximately R214.3 million by way of a rights offer
("the rights offer").
ChemSpec shareholders are hereby advised that at the general meeting held on 17
October 2011, all the resolutions proposed, were passed by the requisite
majorities and where applicable, registered by the Companies and Intellectual
Property Commission.
Accordingly, all the suspensive conditions to the rights offer have been
fulfilled.
Clark Investments, Corvest 6 (Proprietary) Limited and the IDC have irrevocably
committed to follow their rights in the aggregate of R120,8 million.
In addition, Clark Investments have partially underwritten the rights offer in
the amount of R10 million, at no consideration. The underwriting is subordinate
to first satisfying all excess rights offer shares applied for.
ChemSpec shareholders will be permitted to apply for new ChemSpec shares in
excess of their entitlement. Should there be excess rights offer shares
available for allocation, these will be allocated to applicants in a manner
viewed as equitable in terms of the Listing Requirements of the JSE Limited.
The salient dates and times applicable to the rights offer remain as follows:
2011
Last day to trade in ChemSpec ordinary Friday, 21 October
shares in order to participate in the rights
offer (cum entitlement)
Listing of and trading in the letters of Monday, 24 October
allocation in respect of new ChemSpec shares
on the JSE commences at 09:00
ChemSpec ordinary shares commence trading ex Monday, 24 October
entitlement on the JSE at 09:00
Record date for the rights offer Friday, 28 October
Rights offer opens at 09:00 and the rights Monday, 31 October
offer circular posted to shareholders
Certificated shareholders will have their Monday, 31 October
letters of allocation credited to an
electronic account held at the transfer
secretaries
Dematerialised shareholders will have their Monday, 31 October
accounts at their CSDP or broker credited
with their entitlement
Last day for trading letters of allocation Friday, 11 November
on the JSE
Listing of maximum number of rights offer Monday, 14 November
shares and trading therein on the JSE
commences at 09:00
Rights offer closes at 12:00. Payment to be Friday, 18 November
made and form of instruction lodged by
certificated shareholders at the transfer
secretaries
Record date for the letters of allocation Friday, 18 November
Rights offer shares issued and posted to Monday, 21 November
shareholders in certificated form on or
about
CSDP or broker accounts in respect of Monday, 21 November
dematerialised shareholders will be updated
with rights offer shares and debited with
any payments due
Results of rights offer announced on SENS Monday, 21 November
CSDP or broker accounts in respect of Wednesday, 23 November
dematerialised shareholders will be updated
with excess rights offer shares (where
applicable) and debited with any payments
due on or about
Excess Rights offer shares issued (where Wednesday, 23 November
applicable) and posted to shareholders in
certificated form on or about
Adjustments to the number of rights offer Wednesday, 23 November
shares listed effected on the JSE on or
about
Notes:
(1) Unless otherwise indicated, all times are South African times.
(2) CSDPs effect payment in respect of dematerialised shareholders on a
delivery versus payment method.
(3) ChemSpec shareholders may not dematerialise or rematerialise their ChemSpec
ordinary shares between Monday, 24 October 2011 and Friday, 28 October
2011, both dates inclusive.
Verulam
19 October 2011
Corporate and Designated Advisor
Grindrod Bank Limited
Date: 19/10/2011 17:25:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
