| Fri 7 Dec 2001, 0:00 | | Results Of The Placing Of Sab Plc Ordinary Shares |
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South African Breweries Plc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, OR INTO, THE UNITED STATES
Results of the Placing of Ordinary Shares of South African Breweries plc
(the Placing)
London and Johannesburg, 7 December 2001. Further to the announcement of the
Placing on 29 November 2001, and following the completion of an
international book building exercise, South African Breweries plc (SAB or
the Company), the world's leading brewer in developing markets, today
announces the details of the pricing and size of the Placing.
Results of the Placing
56.2 million new ordinary shares (the New Ordinary Shares) have been placed
with institutional investors at a price of 445 pence per New Ordinary Share.
The placing price represents a discount of approximately 1.7% to the closing
price of SAB's shares on the London Stock Exchange on 6 December 2001.
The gross proceeds receivable by the Company will be approximately 250
million (assuming no exercise of the option described below).
Application has been made for the New Ordinary Shares to be listed on the
Official List and admitted to trading on the London Stock Exchange with a
listing on the Johannesburg Stock Exchange.
Dealings in New Ordinary Shares
Admission is expected to become effective and dealings in the New Ordinary
Shares are expected to commence on the London Stock Exchange at 8.00 am on
Wednesday, 12 December 2001.
There will be no facility for conditional dealings on the London Stock
Exchange prior to admission.
Dealings in the New Ordinary Shares are expected to commence on the
Johannesburg Stock Exchange on Wednesday, 12 December 2001.
Structure of the Placing of New Ordinary Shares
The Placing comprises the issue of 56.2 million New Ordinary Shares,
representing 7.25 per cent of the Company's existing issued share capital
prior to the Placing.
Cazenove & Co. Ltd. (Cazenove) and J.P. Morgan Securities Ltd. (JPMorgan)
are acting as joint international placement agents and joint book runners
for the equity fund raising, with ABN AMRO Rothschild as joint international
placement agent (together with Cazenove and JPMorgan, the Managers). In
connection with the Placing, the Company has granted to the Managers an
option (the Option), exercisable upon notice to the Company by no later than
30 days after the closing of the Placing, to subscribe for up to 8.5 million
additional ordinary shares in the Company to, inter alia, cover over
allotments.
Use of Proceeds
The proceeds of the sale of the New Ordinary Shares will be used towards the
financing of the acquisition announced by the Company on 29 November 2001
and to provide future financial flexibility to the Company.
- ENDS -
This announcement has been issued by SAB and is the sole responsibility of
SAB. Cazenove, JPMorgan and ABN AMRO Rothschild are acting for SAB in
connection with the proposed Placing and no one else and will not be
responsible to any one other than SAB for providing the protections afforded
to clients of Cazenove, JPMorgan and ABN AMRO Rothschild respectively nor
for providing any advice in relation to the Placing.
ABN AMRO Rothschild is the unincorporated equity capital markets joint
venture between ABN AMRO Bank N.V. and N.M. Rothschild and Sons Limited
(Rothschild). ABN AMRO Bank N.V. is resulted by the FSA for the conduct of
investment business in the U.K. Rothschild is regulated by the FSA.
Rothschild is acting for SAB in connection with the Honduran acquisition and
no-one else and will not be responsible to any one other than SAB for
providing the protections afforded to clients of Rothschild nor for
providing any advice in relation to the transaction.
This announcement is for information purposes only and does not constitute
an offer or an invitation to acquire or dispose of any securities or
investment advice. This announcement does not constitute an offer to sell or
issue or the solicitation of an offer to buy or acquire ordinary shares in
the capital of the Company in the United States or any jurisdiction in which
such offer or solicitation is unlawful. The New Ordinary Shares referred to
in this announcement may not be offered or sold within the United States or
to, or for the account or benefit of, US persons (as defined in Regulation S
under the US Securities Act of 1933) absent registration or an exemption
from registration. Any offering of securities in the United States has been
made by means of a Public Information Pack that contains detailed
information about the Company and its management, as well as financial
statements. No public offering of securities will be made in the United
States.
The distribution of this announcement and the Placing and/or issue of New
Ordinary Shares in certain jurisdictions may be restricted by law. No
action has been taken by the Company or the Managers that would permit an
offer of New Ordinary Shares or possession or distribution of this
announcement or any other offering or publicity material relating to New
Ordinary Shares in any jurisdiction where action for that purpose is
required, other than in the United Kingdom. Persons into whose possession
this announcement comes are required by the Company and the Managers to
inform themselves about and to observe any such restrictions.
The New Ordinary Shares have not been approved or disapproved by the US
Securities and Exchange Commission, any state securities commission in the
United States or any other US regulatory authority, nor have any of the
foregoing authorities passed upon or endorsed the merits of the Placing or
the New Ordinary Shares or the accuracy of this announcement. Any
representation to the contrary is a criminal offence in the United States.
In connection with the Placing JPMorgan may over-allot or effect
transactions with a view to supporting the market price of SAB's ordinary
shares at a level higher than that which might otherwise prevail for a
limited period after the issue date. However, there may be no obligation on
JPMorgan to do this. Such stabilising, if commenced, may be discontinued at
any time, and must be brought to an end after the limited period.
For further information:
Nick Chaloner
Director of Communications, SAB plc +44 (0) 20 7659 0100
Anna Miller Salzman
Head of Investor Relations, SAB plc +44 (0) 20 7659 0106
Mob: +44 (0) 7973 837 070
Ciaran Baker
Head of Corporate Communications, SAB plc +44 (0) 20 7659 0120
Mob: +44 (0) 7979 954 493
David Mayhew, Cazenove +44 (0) 207 588 2828
Ian Hannam, JPMorgan +44 (0) 207 742 8618
