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AST Group Limited - RESULTS OF THE RIGHTS OFFER AND ACTION REQUIRED IN RESPECT
OF THE CONSOLIDATION
AST Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/021790/06)
Share code: AAA
ISIN: ZAE000027397
("AST" or "the Company")
RESULTS OF THE RIGHTS OFFER AND ACTION REQUIRED IN RESPECT OF THE CONSOLIDATION
1. Results of the rights offer
The directors of AST are pleased to announce the results of the rights offer
of 986 111 111 AST ordinary shares ("rights shares") at an issue price of 9
cents per share.
Applications were received for 621 936 621 rights shares, representing 63.07%
of the rights shares offered in terms of the rights offer. 50 557 563 rights
shares were allocated in respect of excess applications received in respect of
the rights offer.
The balance of the rights shares, being 364 174 490 shares, has been taken up
by the underwriters of the rights offer, namely Kumba Resources Limited
("Kumba"), the Iscor Pension Fund ("the Pension Fund"), The Standard Bank of
South Africa Limited and Cadtech (Proprietary) Limited ("Cadtech") in accordance
with the underwriting agreement, as follows:
- Kumba: 6 959 700 rights shares, representing 0.71% of the total rights shares,
which excludes 257 139 882 rights shares (or 26.08% of the rights shares)
subscribed for by Kumba as its entitlement to rights shares as a result of its
shareholding in AST at the date of the closing of the rights offer;
- the Pension Fund: 273 952 590 rights shares representing 27.78% of the total
rights shares; and
- Cadtech: 83 262 200 rights shares representing 8.44% of the total rights
shares.
Following the rights issue, AST"s major shareholders are as follows:
- Kumba: 26.49%;
- the Pension Fund: 16.34%; and
- Cadtech: 5.53%.
Certificated shareholders will have the share certificates in respect of the
rights shares subscribed for posted to them today and dematerialised
shareholders will have their safe custody accounts with their Central Securities
Depository Participants ("CSDPs") or brokers credited today with the rights
shares subscribed for in terms of the rights offer.
2. Action required by shareholders in respect of the consolidation
AST shareholders are reminded that AST shares will be consolidated on a one
for ten basis ("the consolidation") with effect from Monday, 3 November 2003.
The last day to trade in the "old" AST shares will be Friday, 24 October 2003
and the record date for the consolidation will be Friday, 31 October 2003.
Trading of AST shares in consolidated form commences on Monday, 27 October
2003.
2.1. Shareholders holding certificated AST shares
Certificated shareholders who do not wish to deal in their AST shares prior
to the consolidation are requested to surrender their certificated shares to
AST"s transfer office, Ultra Registrars (Proprietary) Limited, prior to Friday,
24 October 2003. A form of surrender for use in this regard was attached to
the circular to shareholders dated 15 September 2003. Additional forms of
surrender can be obtained from Ultra Registrars (Proprietary) Limited (telephone
number +27 (11) 832 2652).
Holders of certificated AST shares are reminded that share certificates in
respect of AST shares with a par value of 0.01 cent each will not be good for
delivery with effect from the close of trade on Friday, 24 October 2003.
2.2. Shareholders holding dematerialised AST shares
Shareholders who have dematerialised their shares will have their safe
custody accounts, that they hold with their CSDP or broker, updated pursuant to
the consolidation and, accordingly, are not required to take any action.
Centurion
6 October 2003
Merchant bank and advisor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Attorneys to AST
Moss Morris Attorneys
Sponsor to AST
Cazenove South Africa (Proprietary) Limited
(Registration number 1998/011736/07)
Member of the JSE Securities Exchange South Africa
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