| Thu 27 Mar 2014, 15:43 | | RARE HOLDINGS LIMITED - Results of the Section 41(3) Shareholder Approval |
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RAR 201403270033A
Results of the Section 41(3) Shareholder Approval
RARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2002/025247/06
Share Code: RAR ISIN: ZAE000180626
(“the Company” or “RARE”)
RESULTS OF THE SECTION 41(3) SHAREHOLDER APPROVAL
1. Shareholders are referred to the announcement released on
SENS on 19 March 2014 pertaining to the update on the
claw-back offer, the conclusion of an addendum to the
underwriting agreement and the posting of a revised
circular relating to section 41(3) shareholder approval
(“the Update Announcement”). Terms used in this
announcement shall bear the same meanings as in the Update
Announcement.
2. The Revised Section 41(3) Circular posted to shareholders
on 24 March 2014, contained a special resolution in terms
of section 41(3) of the Companies Act which the board of
directors of the Company proposed to shareholders to vote
on in terms of section 60 of the Companies Act in order to
obtain their approval to enable the Company to issue the
Claw-Back Shares, the voting power of which will exceed
30% of the total voting power of all the shares held by
RARE shareholders immediately before the implementation of
the Revised Claw-Back Offer.
3. The Revised Section 41(3) Circular provides for a 20
business day period during which RARE shareholders are
entitled to vote on the special resolution contained
therein and which period expires on Wednesday, 23 April
2014. Shareholders are, however, advised that, as at the
date of this announcement, 86.04% of the total votes able
to be exercised on the special resolution has been
received by the Company’s transfer secretaries and,
accordingly, the requisite number of votes necessary to
adopt the special resolution has been received.
Consequently, the Company will be empowered to issue 25
million shares (equating to more 30% of the total issued
share capital of the Company) for purposes of the Revised
Claw-Back Offer.
4. A detailed announcement relating to full terms of the
Revised Claw-Back Offer will be released in due course.
Johannesburg
27 March 2014
Transaction Advisor and Designated Advisor: PSG Capital
Proprietary Limited
Date: 27/03/2014 03:43:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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