| Thu 3 Jun 2004, 13:48 | | FULLY UNDERWRITTEN RIGHTS ISSUE OF NEW |
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TRADEHOLD LIMITED - BROWN & JACKSON PLC - FULLY UNDERWRITTEN RIGHTS ISSUE OF NEW
ORDINARY SHARES
Tradehold Limited
(Incorporated in the Republic of South Africa)
(Registration number 1970/009054/06)
JSE Share code: TDH
ISIN: ZAE000026902
(`Tradehold`)
Shareholders` attention is drawn to a statement issued by Tradehold`s
subsidiary, Brown & Jackson plc, on 1 June 2004 and which appears below:
`BROWN & JACKSON PLC
FULLY UNDERWRITTEN RIGHTS ISSUE OF NEW ORDINARY SHARES AT 50 PENCE PER SHARE
86.1 per cent. take up of Rights Issue
Brown & Jackson PLC (`Brown & Jackson`) today announces that it has received
valid acceptances in respect of 43,705,032 New Ordinary Shares, representing
86.1 per cent. of the total number of New Ordinary Shares offered to
shareholders, pursuant to the 2 for 7 Rights Issue announced by Brown & Jackson
on 22 April 2004 (the `Rights Issue`) and which closed at 11.00 a.m. on Friday
28 May 2004.
Subscribers have been procured for the remaining 7,051,493 New Ordinary Shares,
for which valid acceptances were not received, at a price of 51 pence per share.
The net proceeds from the sale of these shares, after the deduction of the
Rights Issue price of 50 pence per New Ordinary Share and relevant costs, will
be paid to shareholders who have not taken up their entitlements, pro rata to
their lapsed provisional allotments, save that amounts of less than GBP3.00 per
holding will be retained for the benefit of the Brown & Jackson. As a result of
the procurement of subscribers, neither the underwriters nor the sub-
underwriters will be required to subscribe for any New Ordinary Shares.
The Rights Issue was fully underwritten by Numis Securities Limited and Tradegro
Limited.
Mr Angus Monro, Group Chief Executive, commented:
`We are delighted by the support that we have received from investors. The
proceeds of the Rights Issue will enable us to fund the rollout of the Instore
format and the development and equipping of a new national distribution centre`
Trading Update
Trading for the first thirteen weeks of the financial year to 29 May 2004
continues to show an improving trend across our out of town and high street
estate against the comparable period last year. Over the same period, like for
like sales in Instore outlets, which all traded as Poundstretcher stores in the
comparable period last year, were significantly ahead of last year.
In the first thirteen weeks of the current financial year, thirteen new Instore
outlets have been converted and these stores have performed ahead of the Board`s
expectations.
The Board continues to be very encouraged with the performance of Instore. With
the proceeds from the Rights Issue, which will be used predominantly to fund the
rollout of the Instore format and the new national distribution centre, the
Board is cautiously optimistic of the Company`s continued development in, and
its financial and trading prospects for, the coming financial year.
The Board will update the market on current trading performance on the day of
the Annual General Meeting of 28 July 2004.
Enquiries:
Brown & Jackson PLC Tel: 0113 2406 406
Angus Monro, Chief Executive
Gary Brown, Group Finance Director
Numis Securities Limited Tel: 020 7776 1500
(Financial Adviser, Sponsor and
Broker to Brown & Jackson)
Niall Devins
Brunswick Group LLP Tel: 020 7404 5959
(PR adviser to Brown & Jackson)
William Cullum / Mark Antelme
Definitions used in the prospectus dated 5 May 2004 issued by the Company shall
have the same meanings when used in this announcement unless the context
otherwise requires.
Numis Securities Limited which is regulated in the United Kingdom by The
Financial Services Authority, is acting exclusively for Brown & Jackson PLC
(within the meaning of the rules of the Financial Services Authority) in
connection with the Rights Issue and for nobody else. Numis Securities Limited
will not be responsible to anyone other than Brown & Jackson PLC for providing
the protections afforded to the customers of Numis Securities Limited, nor for
providing advice in relation to the Rights Issue or the contents of this
announcement or any matter referred to in this announcement.
Neither the Existing Ordinary Shares nor the New Ordinary Shares have been or
will be, registered under the United States Securities Act of 1933 (as amended),
or under the securities laws of any state of the United States or any province
or territory of Canada, Australia, Japan or the Republic of Ireland. Subject to
certain exceptions, the New Ordinary Shares may not, directly or indirectly, be
offered, sold, taken up or delivered in or into or from the United States,
Canada, Australia, Japan or the Republic of Ireland or their respective
territories or possessions. This announcement does not constitute an offer to
sell or issue or the solicitation of an offer to buy or subscribe for New
Ordinary Shares in any jurisdiction in which such offer or solicitation is
unlawful. Accordingly, copies of this announcement are not being and must not
be mailed or otherwise distributed or sent in or into or from the United States,
Canada, Australia, Japan or the Republic of Ireland and any person receiving
this announcement (including custodians, nominees and trustees) must not
distribute or send it in or into or from the United States, Canada, Australia,
Japan or the Republic of Ireland.`
For and on behalf of the Board
Dr C H Wiese
Chairman
Cape Town
3 June 2004
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 03/06/2004 01:35:29 PM Produced by the JSE SENS Department
