FirstRand - Preference Share Issue
FirstRand Limited
(Registration number 1966/010753/06)
JSE code: FSR ISIN: ZAE000014973
(`FirstRand`)
PREFERENCE SHARE ISSUE
FirstRand shareholders are referred to the audited results of FirstRand,
published on 14 September 2004, which included commentary on the decision by
FirstRand to raise R2,5 billion through the issue of variable rate non-
redeemable, non-cumulative preference shares (`preference shares`).
Given investor demand and further to an analysis of FirstRand`s capital
structure and capital requirements, the FirstRand board has elected to increase
the size of the preference share issue to R3,0 billion. FirstRand will evaluate
the following options in respect of the utilisation of the funds raised through
the issue of the preference shares:
* reduction of existing gearing in FirstRand;
* BEE funding;
* implementation of a share buy-in programme; and
* other growth opportunities.
FirstRand shareholders are advised that the preference shares will be issued by
way of a private placement to selected investors. In this regard, FirstRand has
received irrevocable undertakings from these investors to subscribe for all the
preference shares issued in terms of the private placement.
A pre-listing statement in respect of the private placement, which is subject to
the approval of the JSE Securities Exchange South Africa (`JSE`), is in the
process of being prepared and it is expected that the listing of the preference
shares on the JSE will commence early in November 2004.
Sandton
7 October 2004
Merchant bank and joint sponsor
Rand Merchant Bank
Corporate Finance
A Division of FirstRand Bank Limited
Lead sponsor
PricewaterhouseCoopers
Corporate Finance (Pty) Ltd
(Registration number 1970/003711/07)
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
