Wescoal Holdings Limited - Results of the private placement
Wescoal Holdings Limited
(previously known as `Abrina 724 Limited`)
(Incorporated in the Republic of South Africa)
(Registration number 2005/006913/06)
(JSE code: WSL & ISIN: ZAE000069639)
(`Wescoal` or `the company`)
Results of the private placement
Warning: The listing of ordinary shares in the company is on ALTx. Investors
are advised of the risks of investing in a company listed on ALTx. Investors are
advised that the JSE does not guarantee the viability or the success of a
company listed on ALTx. In terms of the Listings Requirements, the company is
obliged to appoint and retain a Designated Adviser, which is required to, inter
alia, attend all board meetings held by the company to ensure that all the
Listings Requirements and applicable regulations are complied with, approve the
Financial Director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain a Designated
Adviser, it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its
securities. If a Designated Adviser is not appointed within 30 days of its
suspension, the company faces the termination of its listing without the
prospect of an appropriate offer to minority shareholders.
Introduction
Exchange Sponsors is authorised to announce that Wescoal has raised R7 million
by way of a private placement of 14 000 000 ordinary shares at an issue price of
50 cents per share.
Allocations
The private placement was oversubscribed. The directors have allocated shares
to the various investors that have given irrevocable undertakings to subscribe
for shares in terms of the private placement as follows:
Up to 200 000 shares - full allocation;
Above 200 000 shares - 200 000 shares and 66.061% of the number of shares
requested in excess of 200 000.
The balance of shares for which irrevocable undertakings to subscribe for shares
were not obtained has been allocated as follows:
Up to 100 000 shares - full allocation;
Above 100 000 shares - 100 000 and 4.667% of the number of shares requested in
excess of 100 000.
Surplus application monies will be refunded to applicants by cheque or
electronic transfer on or before Friday, 22 July 2005.
Listing and allocation
Wescoal will list on the Alternative Exchange of the JSE on Wednesday, 20 July
2005 and on that date dematerialised shareholders will have their safe custody
accounts credited with the new Wescoal shares subscribed for in terms of the
private placement.
Share certificates in respect of the new Wescoal shares subscribed for in terms
of the private placement will be posted to certificated shareholders on or about
Wednesday, 20 July 2005.
Designated Adviser
Exchange Sponsors
18 July 2005
Johannesburg
Date: 18/07/2005 01:06:09 PM
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