AVASA - Results of Rights Offer
AVASA Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: AVA ISIN: ZAE000040622
(`AVASA`)
RESULTS OF THE RIGHTS OFFER
BASIS OF ALLOCATION OF EXCESS APPLICATIONS
The results of the rights offer to AVASA shareholders of 293 333 333 new AVASA
shares (`the rights shares`) at an issue price of 1.5 cents per share to raise
R4.4 million (`the rights offer`), which closed on Friday, 21 January 2005, are
set out below.
AVASA shareholders and their renouncees subscribed for 290 475 090 rights
shares. In addition, excess applications were received in respect of 1 110 654
777 rights shares, resulting in the rights offer being 4.8 times over
subscribed. Only 2 858 243 rights shares are available for allocation in respect
of the excess applications. Such excess applications will be allocated on the
basis that any excess rights shares available will be allocated to applicants
pro rata to such applications, which will result in applicants receiving 0.26%
of the excess applied for.
Holders of certificated shares will have new share certificates and refund
cheques (if applicable) posted to them on or about Tuesday, 25 January 2005.
Central Securities Depository Participant/Broker accounts will be debited and
updated with the excess applications on or about Tuesday, 25 January 2005.
Johannesburg
24 January 2005
Corporate advisor and transaction sponsor
BRIDGE CAPITAL
Sponsor
JAVACAPITAL
Date: 24/01/2005 04:50:05 PM
Produced by the JSE SENS Department
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