| Tue 17 Apr 2012, 15:00 | | CVN - Convergenet Holdings Limited - Update on mandatory offer salient dates |
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CVN
CVN
CVN - Convergenet Holdings Limited - Update on mandatory offer, salient dates
and withdrawal of cautionary announcement
CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN ISIN: ZAE000102067
("ConvergeNet" or "the company")
UPDATE ON MANDATORY OFFER, SALIENT DATES AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
UPDATE ON MANDATORY OFFER
Following the publication of the revised firm intention announcement of a
mandatory offer at 26 cents per share on 12 March 2012 and the cautionary
announcement published on 27 February 2012 to ConvergeNet minority shareholders,
shareholders are advised that the Company has prepared a response circular in
relation to the mandatory offer and in compliance with the Companies Act, 2008
(Nr 71 of 2008) ("the Act") which response circular, together with a fair and
reasonable opinion contained therein, prepared by an independent expert, in
accordance with regulation 90 of the Act which opinion states that the terms and
conditions of the mandatory offer, based on quantitative considerations, are
unfair to the ConvergeNet shareholders and based on qualitative factors, are
reasonable to the ConvergeNet shareholders will be posted to ConvergeNet
shareholders on 19 April 2012.
SALIENT DATES OF THE MANDATORY OFFER
As contained in the response circular to be issued to ConvergeNet shareholders
on 19 April 2012, the following salient dates should be noted:
2012
Mandatory offer opened Tuesday, 20 March
ConvergeNet`s response circular to the offer Thursday, 19 April
circular posted to shareholders on
Last day to trade (LDT) in ordinary shares in Friday, 4 May
order to settle by the record date and to qualify
to participate in the offer on
Ordinary shares commence trading ex-rights on the Monday, 7 May
JSE at 09:00 on
Record date to determine which shareholders are Friday, 11 May
eligible to accept the offer
Mandatory offer closes Friday, 11 May
Result of mandatory offer released on SENS on Monday, 14 May
Offer consideration credited to the offer Monday, 14 May
participant`s accounts at his CSDP or stockbroker
(as the case may be) in cases where the shares
surrendered in terms hereof are held by such CSDP
or stockbroker as nominee for the offer
participant on
Cheques posted to or credited to the bank accounts Monday, 14 May
of the offer participants (who hold their shares
in their own names) at the offer participant`s own
risk, in settlement of the offer consideration
(subject to receipt by the transfer secretaries of
the relevant share certificates) on
Results of the mandatory offer published in the Tuesday, 15 May
press on
Notes:
These dates and times are subject to change. Any such change will be published
on SENS and in the press.
All times in this circular are South African local times.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The cautionary announcement in relation to the above-mentioned mandatory offer
is now withdrawn.
Johannesburg
17 April 2012
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 17/04/2012 15:00:01 Produced by the JSE SENS Department.
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