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JCI - Update On The Security Position
JCI Limited
(Incorporated in the Republic of South Africa)
(Registration Number 1894/000854/06)
Share Code: JCD (Suspended) ISIN: ZAE000039681
Debenture Code: JCDD (Suspended) ISIN: ZAE000039699
("JCI" OR "the Company")
UPDATE ON THE SECURITY POSITION RELATING TO THE 307 300 024 LISTED CONVERTIBLE
REDEEMABLE 50% SECURED DEBENTURES OF R1,25 EACH ISSUED BY JCI ("THE DEBENTURES")
Introduction
Sasfin Bank Limited ("Sasfin") wish to update debenture holders on the security
obligations by JCI in respect of the debentures, and hereby informs debenture
holders that these obligations have been maintained. Sasfin is the appointed
Trustee in respect of the debentures, the terms of which were set out in the
debenture certificate attached as Annexure 19 of the JCI circular dated 4 June
2002. The debenture trust deed required JCI to pledge as security for 50% of
its obligations in respect of the debentures, securities that are listed on the
JSE Limited ("JSE") with an aggregate value at the time of pledge of 50% of the
nominal value of the debentures. The number of listed securities to be pledged
was to be calculated with reference to the traded price of the listed securities
on the JSE at the closing of the market on the business day immediately
preceding the pledge date.
Present security position
As set out in an announcement dated 14 July 2004 and other subsequent
announcements, JCI and the Trustee agreed in 2004 that the security ratio for
50% of the Company"s obligations in terms of the debentures will be re-assessed
on 15 September and 15 March of each year, based on the value of the listed
securities held in pledge as calculated with reference to its preceding 15-day
volume weighted average trading price on the JSE. Should the security ratio at
that time be calculated at less than 50%, additional listed securities will be
pledged to increase the security ratio to a minimum of 50%. Should the security
ratio at that time exceed 55%, the listed securities held in pledge will be re-
balanced provided that the security ratio at that time remains equal to or
greater than 52,5%. Any changes in the listed securities pledged as a result of
the above are set out in the interim and financial year-end results
announcements to be published by the Company.
As the JCI preliminary results announcement for the year ended 31 March 2005 has
not yet been published, the present security position is set out below:
The value of the listed securities pledged in terms of the Deed of Pledge
(which, together with the Trust Deed has been and remains available for
inspection at the Company"s registered office) post the re-balance exercise and
based on the 15-day volume weighted average trading price preceding 15 September
2005 (the date of re-balance), was R192 062 577, a security ratio of 50%. The
listed securities pledged comprise 8 405 536 Western Areas Limited shares.
Status of the debentures
Debenture holders are reminded that the listing of the debentures is currently
suspended due to the failure by JCI to publish its preliminary results
announcement for the year-ended 31 March 2005. Debenture holders will be kept
informed of any developments in this regard.
12 October 2005
Johannesburg
SPONSOR
SASFIN CORPORATE FINANCE
(A DIVISION OF SASFIN BANK LIMITED)
TRUSTEE
SASFIN BANK LIMITED
Date: 12/10/2005 05:05:07 PM Produced by the JSE SENS Department
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