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RAR
RAR
RAR - Rare Holdings Limited - Change to the proposed Claw-back offer and
cancellation of General Meeting
RARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2002/025247/06
Share Code: RAR ISIN: ZAE000092714
("the Company" or "Rare")
CHANGE TO THE PROPOSED CLAW-BACK OFFER AND CANCELLATION OF GENERAL MEETING
1 CHANGE TO THE CLAW-BACK OFFER
Shareholders are referred to the announcement dated 31 May 2012 whereby it
was announced that the Company will pursue a capital raising by way of a
proposed Claw-Back Offer ("the Claw-Back Offer") in order to re-capitalise
the Company.
Subsequent to the aforementioned announcement, shareholders are hereby
advised that the Company has since decided and the underwriter agreed to
increase the capital to be raised by way of the Claw-Back Offer to R 100
million, ceteris paribus to sufficiently re-capitalise the business ("the
Amended Terms").
2 CANCELLATION OF GENERAL MEETING
A circular dated 1 June 2012 was sent to shareholders which circular
included a notice of a special general meeting to be held on 29 June 2012
for purposes of passing the requisite ordinary and special resolutions
("the Claw-Back Resolutions") needed to proceed with the Claw-Back Offer
("the First Circular").
Due to the Amended terms, a supplementary circular will be sent to
shareholders which circular will include a new notice of general meeting
for purposes of approving the Claw-Back Resolutions ("the Supplementary
Circular"). Accordingly, shareholders are hereby advised that the general
meeting as per the First Circular which was scheduled to be held on the 29
June 2012 is cancelled.
3 FURTHER CORRESPONDENCE
Shareholders are advised that further correspondence with regard to the
Supplementary Circular will be sent to shareholders in due course.
A further circular ("the Claw-Back Circular") incorporating the full
details of the Claw-Back Offer will be distributed to shareholders after
the General Meeting is held.
4 CAUTIONARY ANNOUNCEMENT
Shareholders are accordingly advised to exercise caution when dealing in
the securities of the Company until a further detailed announcement made.
Johannesburg
25 June 2012
Corporate and Designated Adviser: PSG Capital Proprietary Limited
Date: 25/06/2012 17:39:01 Produced by the JSE SENS Department.
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