BEG/BEGP2 - Beige - Appeal by The Lion Match Company (PTY) Ltd to the takeover
BEG BEGP2
BEG
BEG/BEGP2 - Beige - Appeal by The Lion Match Company (PTY) Ltd to the takeover
special committee and withdrawal of cautionary announcement
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the Company")
ISIN Code: ZAE000034161 Share code: BEG
ISIN Code: ZAE000154787 Share code: BEGP2
APPEAL BY THE LION MATCH COMPANY (PTY) LTD ("LION MATCH") TO THE TAKEOVER
SPECIAL COMMITTEE AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the SENS announcement dated 19 March 2012 wherein
they were advised that the Takeover Regulation Panel had issued a ruling on
Friday, 16 March 2012 to the effect that the comparable offer of R1.28 per
preference share made by Lion Match to the preference shareholders of Beige is
not a "comparable offer" as contemplated in terms of the Companies Act, No. 71
of 2008 (as amended)(the "Act") and that in order to be comparable, the offer
price for the preference shares must be no less than the see through value of
the ordinary shares.
Shareholders are advised that Lion Match has exercised its right to apply to the
Takeover Special Committee for a hearing regarding the Executive Director`s
Ruling in accordance with Regulation 118(8) of the Companies Regulations of
2011, promulgated in terms of the Act.
The process and timelines in respect of the hearing remain to be determined by
the TRP in consultation with the Takeover Special Committee and shareholders
will be advised of these in due course.
Withdrawal of Cautionary Announcement
Shareholders are advised that following the release of this announcement all
information relating to the Lion Match offer to preference shareholders is in
public domain and the cautionary announcement is accordingly withdrawn.
Johannesburg
26 March 2012
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 26/03/2012 07:30:01 Produced by the JSE SENS Department.
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