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Standard Bank Group Limited - Results Of The Offer For Subscription And The
Release Date: 06/07/2004 07:00:01 Code(s): SBK
Standard Bank Group Limited - Results of the Offer For Subscription And The
Private Placement
STANDARD BANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
Share code: SBPP
ISIN: ZAE000056339
(`Standard Bank Group` or `the Company`)
RESULTS OF:
* the offer for subscription of 5 000 000 non-redeemable, non-cumulative, non-
participating preference shares with a par value of R0,01 each (`preference
shares`) at a subscription price of R100 per preference share (`offer for
subscription`);
and
* a private placement of 20 000 000 preference shares (`private placement`).
1. INTRODUCTION
Shareholders are referred to the announcement dated 8 June 2004 relating to
the private placement and the abridged pre-listing statement in respect of
the offer for subscription dated 14 June 2004.
2. RESULTS OF THE PRIVATE PLACEMENT AND OFFER FOR SUBSCRIPTION
In terms of the private placement, 20 000 000 preference shares, at an
aggregate value of R2 billion, were successfully placed with institutional
investors. The offer for subscription was for 5 000 000 preference shares,
at an aggregate value of R500 million, with the board of directors of Standard
Bank Group (`the directors`) reserving the right to accept all subscriptions,
in whole or in part, up to a maximum of 10 000 000 preference shares, at an
aggregate value of R1 billion.
Standard Bank Group is pleased to announce that 7 093 applications for
35 776 749 preference shares were received in respect of the offer for
subscription. The aggregate value of subscriptions in terms of the offer
for subscription amounted to R3 577 674 900. The offer for subscription
was 616% over-subscribed. The Company has decided to allocate the
maximum number of preference shares being 10 000 000.
In dealing with the over-subscription, the following formula has been used
as a basis of allocation:
* a minimum of 1 000 preference shares (R100 000) has been allocated to each
applicant in terms of the requirements of the offer for subscription;
* in addition, each applicant will receive 13.97% of his/her application in
excess of 1 000 preference shares (R100 000), subject to a maximum allocation
of 20 000 preference shares (R2 000 000) per single addressee acting as
principal. Multiple applications in respect of single addressees acting
as principal have been consolidated.
3. LISTING ON THE JSE SECURITIES EXCHANGE SOUTH AFRICA (`JSE`)
The JSE has granted Standard Bank Group a listing of a maximum of 30 000 000
preference shares in the Specialist Securities - `Preference Shares` sector
on Wednesday, 7 July 2004. The condition precedent to the listing in respect
of the requisite spread of shareholders, being a minimum of 50 (fifty) public
preference shareholders (excluding employees and their associates), has been
met.
Preference shares will be allotted and issued to subscribers in the offer for
subscription who applied for dematerialised preference shares on Wednesday,
7 July 2004 against receipt of payment from their Central Securities
Depository Participants.
Share certificates will be posted to certificated preference shareholders
on or before Wednesday, 14 July 2004.
4. PURCHASE OF PREFERENCE SHARES BY THE DIRECTORS OF STANDARD BANK
GROUP
In terms of section 3.63 of the JSE Listings Requirements the directors have
participated in the offer for subscription and received the allocations as
set out in the table below:
Number of
preference Aggregate value Nature of
Name of director shares (R) holding
Doug Band
9 406 940 600 Direct beneficial
Elisabeth Bradley* 1 559 155 900 Indirect beneficial
Derek Cooper* 1 140 114 000 Indirect non-beneficial
Trevor Evans* 2 817 281 700 Direct beneficial
Saki Macozoma
1 140 114 000 Direct beneficial
Jacko Maree (Chief Executive) 1 559 155 900 Direct beneficial
Jacko Maree (Chief Executive)# 1 279 127 900 Indirect non-beneficial
Myles Ruck (Executive director)1 559 155 900 Direct beneficial
Chris Stals* 1 279 127 900 Direct beneficial
* Independent non-executive director
Non-executive director
# Allocated to Mrs S Maree, wife of Jacko Maree
In addition, Elisabeth Bradley , in her capacity as a trustee of a testamentary
trust, has an indirect non-beneficial interest in 250 000 preference shares with
an aggregate value of R25 000 000 in the private placement.
Johannesburg
6 July 2004
Investment bank and joint sponsor
Standard Bank
Legal adviser
Bowman Gilfillan Attorneys
Joint auditors
PriceWaterhouseCoopers
KPMG
Independent lead sponsor
Deutsche Securities
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