|
Acquisition of a 6,2% shareholding in Glenrand M.I.B by the KBH group
Glenrand M.I.BLimited Kunene Bros. Holdings
(Incorporated in the (Proprietary) Limited
Republic of South (Incorporated in the
Africa) Republic of South
(registration number Africa)
1997/008001/06) (registration number
(JSE code: GMB ISIN: 1994/005415/07)
ZAE000018529) ("Kunene Bros." or
("Glenrand MzIzB") "KBH")
Acquisition of a 6,2% shareholding in Glenrand M.I.B by the KBH group
Introduction
As set out in an announcement to Glenrand M.I.B shareholders
("shareholders") dated 15 September 2000 and a circular to Glenrand M.I.B
shareholders dated 13 October 2000, shareholders are advised that Kunene
Finance Company (Pty) Ltd ("KFC") has given written notice to Glenrand M.I.B
that it intends, pursuant to an agreement ("the agreement") between Glenrand
M.I.B and Kunene Bros. dated 14 September 2000, to convert ("the
conversion") 14 751 604 Glenrand M.I.B`B preference` shares ("B preference
shares") into Glenrand M.I.B ordinary shares ("ordinary shares").
Conversion
In terms of the conversion, Glenrand M.I.B will issue 14 751 604 new
ordinary shares ("new ordinary shares") to KFC. In terms of the agreement,
the conversion price is 215 cents per ordinary share. As a consequence of
and subsequent to the conversion KFC will hold approximately 6,2% of
Glenrand MzIzB`s issued share capital of 236 545 655 ordinary shares. The
new ordinary shares to be issued pursuant to the conversion will rank pari
passu in all respects with the ordinary shares already in issue.
Through its remaining holding of 7 375 802 B preference shares, the KBH
group continues to hold rights to acquire a further 7 375 802 ordinary
shares. In terms of the agreement, the KBH group may exercise this right
during the period 1 March 2003 to 31 May 2003.
Financial effects
The pro forma financial effects of the conversion on Glenrand MzIzB`s
earnings are immaterial. The pro forma financial effects of the conversion
on Glenrand MzIzB`s net asset value are as follows:
Before1 After % change
Net asset value per 63,1 72,7 15,2%
share
Tangible net asset 48,5 59,0 21,7%
value per share
Notes:
1. As at the date of Glenrand M.I.B`s most recently published interim
financial statements, 31 December 2001
Listing
The conversion constitutes a `specific issue of shares for cash` as defined
by the Listing Requirements of the JSE Securities Exchange South Africa.
Shareholder approval for the conversion was obtained at a general meeting of
shareholders on 13 November 2000. The new ordinary shares to be issued
pursuant to the conversion will be listed with effect from the commencement
of trade on the JSE on or about Wednesday, 22 May 2002.
Johannesburg
21 May 2002
Investment Bank
and Sponsor
NIB
| 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. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
