| Tue 6 Dec 2011, 12:10 | | ABK - African Brick - Results of Scheme Meeting |
|
ABK
ABK
ABK - African Brick - Results of Scheme Meeting
AFRICAN BRICK CENTRE LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 1999/006214/06)
Share Code: ABK ISIN: ZAE000105169
("African Brick" or "the Company" or "the Group")
RESULTS OF SCHEME MEETING
African Brick shareholders ("Shareholders") are referred to the firm intention
announcement published on the Securities Exchange News Service ("SENS") of the
JSE Limited ("JSE") on Thursday, 3 November 2011, and to the circular to
Shareholders dated 8 November 2011 ("the Circular"), detailing the offer from
Yakani Infraco Proprietary Limited ("Yakani") to acquire the remaining issued
share capital of African Brick not held by African Brick`s subsidiary and
Yakani, by way of a scheme of arrangement ("the Scheme") in terms of section 114
of the Companies Act, No. 71 of 2008, as amended, proposed by the board of
directors of African Brick between African Brick and its Shareholders.
The Scheme, if implemented, will result in Yakani acquiring the remaining
203,906,755 ordinary shares (the "Scheme Shares") in the issued share capital of
African Brick and the listing of the Company`s securities terminated on the JSE.
In terms of the Scheme, each African Brick shareholder will be entitled to 4.6
cents per Scheme Share, which is equivalent to an aggregate cash price of
R9,379,710.73 based on the number of Scheme Shares.
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.
African Brick further advises that the Company has not received notice from any
Shareholder objecting to the special resolution to approve the Scheme, and as
such no Shareholder intends to exercise his rights in terms of section 164 of
the Companies Act.
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 in
due course.
Johannesburg
6 December 2011
Corporate advisor and Designated Advisor to African Brick
Grindrod Bank Limited
Independent expert to African Brick
BDO Corporate Finance Proprietary Limited
Corporate law advisor to Yakani
Taback and Associates Proprietary Limited
Date: 06/12/2011 12:10:16 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.
