Prism - Black Economic Empowerment Transaction - Results Of Offer
Prism Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/018949/06)
Share code: PIM
ISIN: ZAE000022257
(`Prism`)
BLACK ECONOMIC EMPOWERMENT (`BEE`) TRANSACTION - RESULTS OF OFFER
Shareholders are referred to the previous announcements in relation to the BEE
transaction that will result in Mineworkers Investment Company (Proprietary)
Limited acquiring a 16.89% stake in Prism through a newly incorporated company
(`BEEco`).
The BEE transaction was structured as a pro rata offer (`the offer`) by BEEco to
acquire 100 million Prism shares from Prism shareholders at a price of 40 cents
per share. The offer, which opened on 2 March 2005, was made in a ratio of
16,88645 shares for every 100 shares held by each Prism shareholder but Prism
shareholders were entitled to tender shares in addition to their pro rata
entitlement (`excess shares`).
The offer closed on Friday, 15 April 2005, and acceptances were received in
respect of 145,211,164 Prism shares, of which 91,115,413 shares were excess
shares. The excess shares arose as a result of the underwriting arrangements
entered into to ensure the success of the BEE transaction. As the offer has been
accepted in respect of more than 100 million Prism shares, the excess shares
tendered will be acquired on a pro rata basis. This will result in 50.38% of the
excess shares tendered being acquired.
The BEE transaction has now been implemented in accordance with its terms.
Fourways
18th April 2005
Corporate advisor, legal advisor and lead transaction sponsor to Prism
Java Capital (Pty) Limited
Joint sponsor to Prism
Standard Bank
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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
