NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA OR JAPAN
10 JULY 2001
South African Breweries plc
Results of Convertible Bond Issue
SAB Finance (Cayman Islands) Limited (the "Issuer") US$ 500 million 4.25%
Guaranteed Convertible Bonds due 2006 (the "Bonds") guaranteed by South
African Breweries plc ("SAB") and by South African Breweries International
(Finance) B.V. and convertible into exchangeable redeemable preference
shares in the Issuer which will be immediately exchanged for ordinary shares
in SAB, which, at SAB's discretion, may be either existing SAB shares held
within Safari Limited or new SAB shares.
SAB Finance (Cayman Islands) Limited is pleased to announce that the coupon
has been fixed at 4.25% payable semi-annually. The initial exchange price
has been set at 615 pence, which represents a premium of 20.6% over the
closing price of the ordinary shares of SAB on 10 July 2001.
The Issuer has granted JPMorgan, on behalf of the Managers, an option ,
exercisable upon notice to the Issuer, by not later than three days prior to
closing, i.e. up to 7 August 2001, to purchase additional Bonds up to US$
100 million.
In connection with this issue JPMorgan may over-allot or effect
transactions, which stabilise or maintain the market price of the Bonds
and/or the ordinary shares of SAB at a level which might not otherwise
prevail. Such stabilising, if commenced, may be discontinued at any time.
JPMorgan is the Sole Bookrunner and Lead Manager for the offering. Cazenove
is the Joint Lead Manager. Hawkpoint Partners are Financial Advisers to SAB
regarding the offering.
This press release does not constitute an offer of the Bonds to any person,
or an invitation by or on behalf of SAB or SAB Finance (Cayman Islands)
Limited to any person to subscribe for or purchase any of the Bonds. The
Bonds, the preference shares and the ordinary shares to be issued in
exchange for the preference shares upon conversion of the Bonds, have not
been and will not be registered under the United States Securities Act of
1933. The Bonds may not be offered or sold in the United States or to, or
for the account or benefit of, U.S. persons (as such term is defined in
Regulation S under the U.S. Securities Act of 1933) unless they are
registered or exempt from registration. There will be no public offer of
Bonds in the United States.
-ENDS
For more information, please contact:
South African Breweries plc:
Malcolm Wyman
Chief Financial Officer +44 20 7659 0100
Nick Chaloner
Director of Communications
44 20 7659 0119/+447880 502 755
JPMorgan:
Tim Elliott +44 20 7325 4996
Ian Hannam +44 20 7742 8205
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
