| Wed 18 Apr 2012, 12:36 | | BEG/BEGP2 - Beige Holdings Limited - Posting of independent board response |
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BEG BEGP2
BEG
BEG/BEGP2 - Beige Holdings Limited - Posting of independent board response
circular
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
POSTING OF INDEPENDENT BOARD RESPONSE CIRCULAR
Shareholders are advised that a circular incorporating the opinion of the
independent board of Beige on the mandatory and comparable offers made by The
Lion Match Company (Pty) Ltd ("Lion Match") to the ordinary and preference
shareholders of Beige will be posted to shareholders today, Wednesday, 18
April 2012.
Shareholders should note that the independent board of Beige is of the firm
opinion that the offer to ordinary shareholders of R0.08 per ordinary shares
substantially undervalues Beige and the comparable offer to preference
shareholders of R1.28 per preference share is not a comparable offer and
strongly recommends to shareholders that they do not accept either the
ordinary share offer or the preference share offer.
Shareholders are reminded that a hearing before the Takeover Special
Committee ("TSC") regarding the ruling by the Executive Director of the
Takeover Regulation Panel ("TRP") to the effect that the offer made by Lion
Match to the preference shareholders of Beige ("the preference share offer")
is not a "comparable offer" as contemplated in terms of the Companies Act,
No. 71 of 2008 (as amended) ("the hearing"), had been set down for 10:00 on
Friday, 18 May 2012 and will be held at the offices of the TRP, Sunnyside
Office Park, 1st Floor Building B, 32 Princess of Wales Terrace, Parktown,
Johannesburg. Any shareholder wishing to attend the hearing and/or make
representations to the TSC in respect of the preference share offer is
required to deliver 4 (four) paginated copies of the submission to the
offices of the TRP (Sunnyside Office Park, 1st Floor Building B, 32 Princess
of Wales Terrace, Parktown, Johannesburg), marked for the attention of the
chairman of the hearing, Mr N Matlala, by 11 May 2012. A copy of the
submission should also be delivered to Beige Holdings Limited c/or Arcay
Moela Sponsors (Pty) Ltd, Arcay House II, Number 3 Anerely Road, Parktown,
Johannesburg and to the Lion Match Company (Pty) Ltd, c/o Webber Wentzel
Attorneys, 10 Fricker Road, Illovo Boulevard, Johannesburg.
Johannesburg
18 April 2012
Designated Advisor
Arcay Moela Sponsors (Pty) Ltd
Date: 18/04/2012 12:36:01 Produced by the JSE SENS Department.
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