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Barclays Bank PLC - Acquisition by Barclays Bank Plc of a controlling stake in
Absa Group Limited: Outcome of application
Barclays Bank PLC
(Registered in England)
(Registration number: 1026167)
ACQUISITION BY BARCLAYS BANK PLC OF A CONTROLLING STAKE IN ASBA GROUP LIMITED:
OUTCOME OF APPLICATION
1. Introduction
Shareholders of Absa Group Limited ("shareholders") are referred to the
announcement published by the Securities Regulation Panel ("SRP") on 17
August 2005 requesting submissions from shareholders in respect of the
applications made by Barclays Bank PLC ("Barclays") for:
- a waiver of the relevant provisions of the Securities Regulation Code
(the "Code") restricting Barclays from acquiring securities carrying
more than 5 % of the voting rights in Absa Group Limited ("Absa") for
a period of 12 months as from the date the offer made by Barclays for
up to 60% of the ordinary shares in Absa became unconditional; and
- a waiver of the relevant provisions of the Code which will require
Barclays to make a mandatory offer to all shareholders in
circumstances where Barclays acquires securities carrying more than 5%
of the voting rights of Absa in circumstances as described in
paragraph 1.1 above.
2. Outcome of Application
Shareholders are advised that the SRP has not received any submissions in
respect of the applications referred to in paragraph 1 above. Shareholders
are further advised that the SRP has considered the applications made by
Barclays in light of the Code generally and in light of the fact that
shareholders had the opportunity in terms of the offer to dispose of their
entire shareholding in Absa to Barclays. As such, the SRP has granted
Barclays dispensation from the provisions of Rules 8.1 and 32.2 of the
Code, subject to:
2.1 any further purchases by Barclays of ordinary shares in Absa are
transacted as normal transactions through the JSE Limited; and
2.2 Barclays only acquiring up to, but not exceeding 60% of the ordinary
shares in Absa. The 60% limit shall not include any Absa ordinary
shares held from time to time by Barclays Capital, Barclays Global
Investors or any other part of the Barclays group as part of their
normal trading, broking, investment or asset management activities
provided that Barclays strategic investment in Absa for its own
account does not exceed 60%.
Consequently, and by virtue of this dispensation, Barclays may acquire in
excess of 5% of Absa"s ordinary shares in the 12 months following the date
the offer became unconditional and any acquisition in excess of 5% in any
12 month period will not trigger a further mandatory offer.
11 October 2005
Parktown
Date: 11/10/2005 07:55:08 AM Produced by the JSE SENS Department
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