| Fri 2 Aug 2019, 15:25 | | AFRICAN PHOENIX INVESTMENTS LIMITED - Appraisal Rights Update - Notice of Intention to Oppose |
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AXL 201908020041A
Appraisal Rights Update - Notice of Intention to Oppose
AFRICAN PHOENIX INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: AXL ISIN: ZAE000221370
("the Company")
APPRAISAL RIGHTS UPDATE - NOTICE OF INTENTION TO OPPOSE
Terms defined in the circular distributed to Shareholders on 18 February 2019 shall, unless otherwise
stated, bear the same meaning in this announcement.
In the 'Scheme Repurchase and Finalisation Announcement and Timetable' announcement released on
SENS on 7 June 2019, the Company advised Shareholders that certain Preference Shareholders, holding
in aggregate 1 252 598 Preference Shares (the "Dissenting Shareholders"), had demanded that the
Company acquire their Preference Shares as envisaged in section 164 of the Companies Act ("Affected
Shares").
In the 'Appraisal Rights Update' announcement, the Company advised Shareholders that it had received a
notice of motion in which a Dissenting Shareholder made application to court in terms of section 164(14) of
the Companies Act for, among others, a determination by the court of the fair value of the Affected Shares
(the "Section 164 Application").
After having considered the Section 164 Application and having due regard to the offer made, and the
process followed by the Board in making such offer to the Dissenting Shareholders in compliance with
section 164(11) of the Companies Act, the Board is of the view that the offers made by the Company to the
Dissenting Shareholders represent the fair value of the Affected Shares as envisaged in the Companies
Act.
Accordingly, today the Company filed a notice of intention to oppose the Section 164 Application and will
subsequently file an answering affidavit to the Section 164 Application with a view to defending the
Section 164 Application.
The Board will continue to keep Shareholders updated via SENS of any developments.
Johannesburg
2 August 2019
Financial advisor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisor
Webber Wentzel
Sponsor
Merchantec Capital
Date: 02/08/2019 03:25:00
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