| Fri 5 Apr 2002, 0:00 | | Glotec - Salient Terms Of The Rights Offer And Re |
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GLOBAL TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/09809/06)
("Glotec" or "the company")
ISIN Code: ZAE000016820 Share code: GLT
SALIENT TERMS OF THE RIGHTS OFFER AND RECORD DATE
Terms of the rights offer
Further to the announcement dated 22 March 2002 shareholders of Glotec
registered as such at the close of business on Friday, 19 April 2002, will
receive rights to subscribe for additional ordinary shares in Glotec in
terms of the rights offer, on the basis of 6 rights shares for every 100
ordinary shares held in Glotec, at 80 cents per rights share.
The number of shares offered is 24 644 234 new Glotec shares, with the total
amount of R19 715 387 to be raised, before expenses. The number of shares
in issue after the rights offer will be 435 381 473 ordinary Glotec shares.
The rights offer is partly underwritten by Global Technology Investment
Holdings (Proprietary) Limited ("GTIH"), the controlling shareholder in
Glotec, which has also irrevocably undertaken to follow its rights in full.
GTIH has a shareholder loan account of R16 151 457 as at 28 February 2002
which it will utilise to follow its rights amounting to R9 137 232 with the
balance of R7 014 225 being utilised to underwrite a portion of the
remainder of the rights offer.
The last day to trade for the rights offer in order to settle by the record
date and to qualify to participate in the rights offer (cum entitlement), is
Friday, 12 April 2002 for settlement by Friday, 19 April 2002 ("the record
date"). Shareholders of Glotec registered on the record date will receive
rights to subscribe for additional ordinary shares in Glotec as set out
above.
The renounceable (nil paid) letters of allocation will be listed from the
commencement of trade on the JSE Securities Exchange South Africa ("JSE") on
Monday, 15 April 2002, from which date the Glotec shares will trade "ex-
rights".
Entitlements to shares subscribed for, and any refund cheques, in terms of
the rights offer, will be posted on or around Wednesday, 15 May 2002 to
certificated shareholders.
A summary of the revised salient dates and times for the rights offer are as
follows:
2002
Last day to trade for rights offer in
order to settle by the record date and to Friday,12 April
qualify to participate in the rights
offer (cum entitlement) on
Listing of letters of allocation on the Monday, 15 April
JSE commences at 09:00 on
Shares commence trading ex-rights on the Monday, 15 April
JSE at 09:00 on
Record date for rights offer at the close Friday, 19 April
of business on
Rights offer opens at 09:00 on Monday, 22 April
Last day for trading in letters of
allocation on the JSE in order to settle Tuesday, 07 May
by Tuesday 14 May 2002 on
Rights offer closes at 14:30 and payment
to be made by certificated shareholders Tuesday, 14 May
on
Record date for letters of allocation on Tuesday, 14 May
Listing of new shares on the JSE Wednesday, 15 May
commences at 09:00 on
Results of rights offer announced in the Wednesday, 15 May
press and on SENS on or about
Refund cheques, if applicable, in respect
of unsuccessful excess applications, Wednesday, 15 May
posted to certificated shareholders on
Entitlements in terms of the rights offer Wednesday, 15 May
available on
Underwriting of the rights offer
GTIH has irrevocably undertaken to fully follow its rights in respect of
11 421 539 new shares at no cost to Glotec. In addition, in terms of the
underwriting agreement, the underwriter has agreed to underwrite a portion
of the remainder of the rights offer, in the amount of R7 014 225 (before
expenses).
Conditions precedent
The rights offer is conditional upon, inter alia, the following:
- the registration by the Registrar of Companies of all documents in respect
of the rights offer; and
- the JSE granting the listings for the 24 644 234 renounceable (nil paid)
letters of allocation pertaining to the new ordinary shares and the
24 644 234 new ordinary shares to be issued pursuant to the rights offer.
Dematerialisation
Shareholders are reminded that Glotec's shares have been dematerialised in
terms of STRATE. Shareholders who have not yet dematerialised their shares
are encouraged to do so as the letters of allocation will need to be
dematerialised prior to any trade therein. Share certificates may not be
dematerialised or rematerialised from 08 April 2002 to 19 April 2002, both
dates inclusive and letters of allocation may not be dematerialised after
29 April 2002.
Johannesburg
05 April 2002
Corporate Adviser Sponsor Attorneys
Arcay Group Limited Gensec Werksmans
