ABL/ABLP - African Bank Investments Limited - Postponement of proposed placing
ABL ABLP
ABL
ABL/ABLP - African Bank Investments Limited - Postponement of proposed placing
and issue of a further 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")
POSTPONEMENT OF PROPOSED PLACING AND ISSUE OF A FURTHER TRANCHE OF PREFERENCE
SHARES
Interested parties are referred to previous announcements regarding the fact
that ABIL has recently been in the process of preparing to issue a further
tranche of preference shares as part of a general capital management programme.
The Minister of Finance, Minister Pravin Gordhan, announced in the budget speech
on Wednesday, 22nd February 2012, that the new so-called "dividend tax" will,
along with the abolition of the Secondary Tax on Companies ("STC"), be
introduced at the rate of 15% instead of the 10% rate that the market had
generally anticipated. The Company wishes to reiterate that its articles of
association were amended in March 2010 to ensure that dividends payable to
preference shareholders will be increased ("grossed-up") after the dividend tax
law change becomes effective. This increase will be equal to the entire STC
saving that the Company receives per preference share as a result of the
dividend tax law change becoming effective. ABIL wishes to devote appropriate
time to review the impact of the budget speech announcement on its preference
share offering and interested parties are accordingly advised that it has taken
the decision to postpone its proposed issue of new preference shares until
further notice.
For further information, interested parties can contact:
Steven Kahanovitz at (011) 564 6709, or
Gavin Jones at (011) 564 6868.
Midrand
27 February 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 27/02/2012 09:39:01 Produced by the JSE SENS Department.
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