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Steinhoff - Proposed International Equity Offering
Steinhoff International Holdings Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1998/003951/06)
JSE code: SHF ISIN code: ZAE000016176
("Steinhoff" or "the Company")
Proposed International Equity Offering
Shareholders of Steinhoff are advised that Steinhoff intends to conduct a series
of meetings with international investors in the major international financial
centres to explore the possibility of issuing new shares to such investors.
Should market conditions and investor interest prove to be appropriate,
Steinhoff intends to proceed with an International Offering of new ordinary
shares (the "International Offering").
The size of the International Offering could be up to 15% of the Company"s
issued share capital. The International Offering is expected to be implemented
by way of an issue of shares for cash in accordance with the terms of the
general authority granted at the annual general meeting of the Company held on
29 November 2002. Pricing is expected to take place in early November 2003. The
new ordinary shares will be listed on the JSE Securities Exchange South Africa.
The purpose of the International Offering is to facilitate the continued growth
and development of the Company. It is expected that the proceeds of the
International Offering will be used for further strategic acquisitions and
investments, capital expenditure and general corporate purposes, including
repayment of certain debt. Further, it is anticipated that the International
Offering will serve to diversify Steinhoff"s shareholder base and improve the
liquidity of Steinhoff"s shares. Steinhoff"s intention is to use the proceeds of
the International Offering only outside of South Africa. Accordingly, the
International Offering will be targeted at only institutional investors outside
of South Africa.
In terms of the International Offering, subscriptions will only be accepted for
amounts of R100,000 or more from single addressees acting as principals.
Accordingly, in terms of section 144(b) of the South African Companies Act 61 of
1973, the International Offering will not constitute an offer of securities for
sale to the public.
Steinhoff intends to announce further details of the International Offering
after all required regulatory approvals have been obtained and all relevant
procedural requirements have been complied with.
Citigroup has been appointed as Global Coordinator and Sole Bookrunner of the
International Offering by Steinhoff. Deutsche Bank will act as Co-Lead Manager
to the International Offering.
This announcement is not for publication, release or distribution in or into the
United States, Canada, Australia or Japan.
This announcement is not an offer for sale of securities in the United States,
Canada, Australia or Japan, nor shall it constitute an offer to sell, or the
solicitation of an offer to buy, and there shall not be any sale of these
securities in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. Securities may not be offered or sold in the United
States absent registration or an exemption from registration under the U.S.
Securities Act of 1933, as amended.
This announcement is only for circulation to persons to whom it may lawfully be
issued in circumstances in which section 21(1) of the Financial Services and
Markets Act 2000 of the United Kingdom does not apply to the Company.
This announcement does not in any manner constitute an offer to subscribe for or
otherwise acquire securities in the Company.
Stabilisation/FSA.
Wynberg, Sandton
3 October 2003
Global Coordinator,
Sole Bookrunner
and Transactional Sponsor
Citigroup
Co-Lead Manager
Deutsche Bank
Legal Advisor
Hofmeyr Herbstein & Gihwala Inc
Reporting Accountants
and Auditors
Deloitte & Touche
Date: 03/10/2003 12:30:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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