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Sovereign - Directors Dealings And Placement Of Shares To Improve Liquidity SOVEREIGN FOOD INVESTMENTS LIMITED Incorporated in the Republic of South Africa Registration Number 1995/003990/06 Share Code: SOV ISIN Number: ZAE000009221 (`Sovereign` or `the company`) The announcement released on SENS yesterday, with regard to directors dealings and placement of shares to improve liquidity, should have read as follows: DIRECTORS DEALINGS AND PLACEMENT OF SHARES TO IMPROVE LIQUIDITY Founding shareholders and management, who held 74% of the company`s shares, have responded to pressure from the investment community to increase liquidity in the company`s shares. In addition institutional investors had indicated their desire to invest in the company if they could acquire a meaningful stake. On 22 February 2005, BJM Securities on behalf of founding shareholders and management, with the co-operation of the company, placed 10.1 million Sovereign shares (the `placement`) with four institutional investors at a price of 630 cents per share. As a result, the founding shareholders, who now hold their interest entirely through Sovereign Food Holdings (Proprietary) Limited, have reduced their holding to 39.7% of the company`s shares. Notwithstanding that demand for shares exceeded those made available in the placement, it is not intended to reduce or dilute this holding any further. The increase in the company`s shareholding base through the placement also serves to ensure compliance with the shareholder spread requirements of the JSE Securities Exchange South Africa (`JSE`). In compliance with section 3.63 to 3.74 of the Listings Requirements of the JSE, the company gives notice of the following dealings by directors in Sovereign securities undertaken to give effect to the placement. Name of director: R B Spanjaard Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 76 516 Total value: R482 050.80 Class of securities: Ordinary Nature of transaction: Sale Interest: Direct beneficial Name of director: R B Spanjaard Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 1 619 390 Total value: R10 202 157 Class of securities: Ordinary Nature of transaction: Sale Interest: indirect beneficial Name of director: R B Spanjaard Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 2 400 235 Total value: 15 121 480.50 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect non-beneficial Name of director: B A Spanjaard Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 313 521 Total value: R1 975 182.30 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect beneficial Name of director: B A Spanjaard Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 1 404 379 Total value: R8 847 587.70 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect non-beneficial Name of director: A H Vardy Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 537 813 Total value: R3 388 221.90 Class of securities: Ordinary Nature of transaction: Sale Interest: Direct beneficial Name of director: A H Vardy Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 272 780 Total value: R1 718 514 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect beneficial Name of director: A H Vardy Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 1 404 379 Total value: R8 847 587.70 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect non-beneficial Name of director: C Coombes Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 343 763 Total value: R2 165 706.90 Class of securities: Ordinary Nature of transaction: Sale Interest: Direct beneficial Name of director: C Coombes Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 126 819 Total value: R789 959.70 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect beneficial Name of director: M David Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 345 663 Total value: R2 177 676.90 Class of securities: Ordinary Nature of transaction: Sale Interest: Direct beneficial Name of director: C Coombes Date of transaction: 22 February 2005 Price per share: 630 cents Number of shares: 253 663 Total value: R2 177 676.90 Class of securities: Ordinary Nature of transaction: Sale Interest: Indirect beneficial In line with principles of corporate governance adopted by Sovereign and in terms of section 3.66 of the JSE Listings Requirements, prior clearance to effect the placement was obtained from the board of the company. Port Elizabeth 24 February 2005 SPONSOR Java Capital (Pty) Ltd Date: 24/02/2005 04:16:02 PM Produced by the JSE SENS Department
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