VenFin - Announcement
VenFin Limited
(Registration number 1948/031037/06)
ISIN: ZAE000026498
Share code: VNF
("VenFin")
Announcement
VenFin has agreed terms in principle to subscribe for US$100 million in a new
seven year convertible bond to be issued by Dimension Data Holdings plc.
("Dimension Data") If converted, VenFin will hold an equity interest of
approximately 12,3% of the enlarged fully diluted share capital of Dimension
Data.
The agreement will be subject to the approval of the shareholders of Dimension
Data. The financial terms agreed in principle are as follows:
Issue size: $100 million
Coupon: 5.375% payable annually
Conversion price: GBP 0.3407
Maturity: 7 years
Call features: 3 year no call and thereafter subject
to the share price exceeding 150%
of the conversion price for 20 out
of 30 consecutive trading days
Put option: on the 5th anniversary and quarterly
thereafter at accreted value
Redemption price: 103,2%
Status: unsecured
Level of subordination: subordinated to senior debt
It is expected that a circular convening the Extraordinary General Meeting of
shareholders of Dimension Data and containing particulars of the convertible
bond and the subscription agreement will be sent to Dimension Data shareholders
in due course, with a view to completing the subscription by 31 December 2002.
Sponsor
Rand Merchant Bank
Corporate Finance
Date: 05/11/2002 08:41:45 AM Produced by the JSE SENS Department
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